The pair came out from a trading range between 171.01-170 levels. In yesterday's trading session, the pair crossed the 50-day SMA and closed above this. This is a good sign for this pair. Today the pair opened above the 50-day SMA on a bullish note. The pair looks weak below 171.30, it may correct to 171.10, 170.60, 170 and 169.80 levels. On the upside, the initial resistance exists at 171.47, above this, it can fly up to 171.63, 172.05 and 172.30 levels. A day close below the 50-day SMA raises the bearish views.
For intraday basis, the pair is trading at 200EMA 171.40. The pair looks strong above 171.47, it can fly up to 171.60, 171.95 and 172.30 levels. The pair will face selling pressure at 172 levels. On the down side, the pair has support at 171.30, 171.10 and 170.48 levels. In case of breaks below 170.48, it can take support at 171.30 below this, it will face strong selling pressure pushing it to 170.91 and 170.44 levels.
All the levels given from MT5
The material has been provided by InstaForex Company - www.instaforex.com
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