The pair has been in a down trend from 1.53 levels. The pair is making lower highs and lower lows, but this week, as of now, it paused the lower low pattern. The pair looks weak only below 1.4869 levels. The RSI in the weekly chart is indicating selling the rally. The initial weakness persists only below 1.4869 levels for 1.4832, 1.478 and 1.47 levels. This week if the pair crosses the 1.5042 levels, we can expect the downfall will pause for a couple of days. The deep correction will take place once it breaks the 1.47 levels, aiming at 1.4455 levels and 1.40 levels.
In the daily chart, the pair is trading below the descending trend line. The RSI in the daily chart favors buy side for the next couple of days. On the down side, the pair has inital support at 1.4893, below this, 1.4866, 14824 levels. The second round of selling will take place below 1.482 for lower targets at 1.4782, 1.473 and 1.4677 levels.
On the up side, the initial resistance is at 1.495 levels. Sustaining above this, it can fly up to 1.4990 and 1.5050 and 1.5150 levels.
Intraday- The pair placed strong resistance at 1.4960 levels. Once it is able to cross this, it can fly up to 1.4990, 1.5050 and 1.5088 levels. On the down side, the pair looks weak below 1.4893 for targets 1.4878, 1.4869 and 1.4830 levels.
NOTE-
Buy above 1.4960
Given levels are from MT5
The material has been provided by InstaForex Company - www.instaforex.com
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