The pair took the support at the 1.35 level and moved to 1.37 levels, but it made a monthly resistance at the 1.37 level. The bulls must break the 1.37 levels as soon as they can come out of the range. If it happens, then we can see new range of the 1.3775-1.3575 levels, currently it is the 1.37-1.35 levels. Currently, the pair is facing strong resistance at 50-week Sma at 1.3615 and 200-day Ema at 1.3617. We expect a strong upwards move to 1.3662 and 1.37. The level of 1.37 means strong resistance, above which we can consider the 1.3775 levels.
On the down side, there is a strong support zone 1.36 and 1.3574. Until the pair holds 1.3574, we can see 1.37 and 1.3775 levels. Positional traders can buy on a dip with sl 1.3540 for an upside target at 1.37 and 1.3775. The pair will gain more strength above 1.3625 levels.
Nutshell - cmp 1.3612
Risky - Buy with sl 1.3575 target 1.3660, 1.37, and 1.3775
Buying zone 1.36 - 1.3575 sl 1.3640
The material has been provided by InstaForex Company - www.instaforex.com
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