The pair has been trading in an uptrend from 0.8703 levels. It is facing resistance at 0.8952 previous swing high and 0.8993 levels (200daily EMA). Until the pair crosses these resistance levels, it will come on sell on a rise strategy. On the downside, the initial support exists at 0.8862, 0.8817 is the strong support level and 0.8792 will act as temporary support.
The pair is consolidating between 0.8909-0.8882 levels. It is in a distribution phase ready for a downside journey up to 0.8827-0.8820 levels. In Asia's trading session the pair is trading at 0.8893. The hourly momentum indicators favors the sell side. Once the pair breaks below the 0.8882, traders can enter short positions for 0.8860, 0.8838 and 0.8820 levels.
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