The pair moved to a month high trading at 137.95, the high was hit at the 138.27 level. The pair touched the 20Wsma in the weekly chart, above this it has a strong resistance level at 138.81 50Wsma. A weekly close above this turns the short-term view to positive. For an intraweek basis, the pair has strong resistance level at the 138.30 and 138.40 levels. We recommend buying only above 138.40, so safe trade will be possible only above the 138.80 level. In yesterday's session, the pair was unable to breach the 138.27 level of September 03 high. Today, it opened under the previous high. It represents 138.27 acting as strong resistance on an intraweek basis. On the down side, it has support at 137.55 and major support between the 137.30-137.20 levels. In case a daily close is below 137.20, the bears will control the pair.
On an intraday basis, the prices are closed and trading above the key hourly moving averages. But the hourly momentum oscillators are indicating a sell sign. We recommend selling at cmp with sl 138.27 for a downside target at the 137.73, 137.66, and 137.60 levels. This view is suitable for hourly traders or speculators. On an intraday basis, the pair has support at the 137.60, 137.40, and 137 levels.
Speculators could sell with sl 138.27, cmp 138.03.
The material has been provided by InstaForex Company - www.instaforex.com
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