The pair breached the weekly descending trend line and closed above it. The pair made a high at 1.0821 on the last week's session, but today at the opening it was unable to breach it. It opened on a mild bearish note with open high at 1.0817. Fresh buying will be triggered above the previous week's high or safe buyers can buy above 1.0830. The pair has strong support at 1.075 (50 WSma).
Bullish points-
Trading above the 4-month descending triangle
Held above 50WSma at 1.075
Bearish points-
Unable to breach last week's high, as of now
Strong resistance at 1.0828 200DSma
Monthly key support 1.075 1.0700
Weekly key support 1.0789 1.0773
Weekly resistance 1.0821
Monthly key resistance 1.0830
Fresh positional, buy above 1.0830 with targets 1.0895 and 1.0950.
The material has been provided by InstaForex Company - www.instaforex.com
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