Short term view-
The pair made a high at 1.0986, parallel resistance at 1.0989 rejected there last week. This week, the pair was unable to break the previous high and again looking to get support at the 1.09 levels. In Asia's session, the pair is trading at the 1.0938 levels. On the down side, the pair has strong support at the 1.09 and 1.0872 levels. We recommend buying above 1.0990 only. Or if a dip comes, traders can buy between 1.0910-1.09 with sl at 1.08720. A day closure comes below 1.08720. We expect the correction to take the pair towards 1.0797 and 1.077. This study is based on the weekly chart which suits the positional short-term players.
Support 1.0920 1.09 1.0872
Resistance 1.0973 1.0990 1.1025
A day closure below 1.0870, the short-term trend turns to negative.
The material has been provided by InstaForex Company - www.instaforex.com
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