The pair has been facing strong resistance between 1.1279 and 1.1270, facing selling pressure whenever the pair tries to breach this zone. In the previous week, the pair held the support at 20Dsma, bounced from 1.1082, and closed above a 4-day high in last Friday's session. Today the pair opened on a strong bullish note, opened lower at 1.1179 levels. On the upper side, the initial resistance is at 1.1211 and 1.1225, above this, 1.1245 and 1.1265 will act as trend decider levels.
Resistance 1.1211, 1.1225, 1.1245-1.1265
Support 1.1160, 1.1111, 1.1050
For an intraday view, the prices are closed above the hourly key moving averages. Even though the pair opened on a bullish note it is facing resistance at 1.1211. We can observe a hns pattern in the h4 chart. The level of 1.1223 is the left shoulder and 1.1220 is the right shoulder. The trading pattern is framed between 1.1223 and 1.1157 levels. In case if the pair breaches the upside resistance at 1.1223, we can see fresh buying on an hourly basis. On the down side, if the pair breaks below 1.1155, we can see a 50-70 immediate fall, but panic will be triggered only below the neck line.
Trade-
Safe buyers, buy above 1.1223.
Risky traders, buy at cmp sl 1.1179, target is at 1.1220, 1.1245 and 1.1279.
The material has been provided by InstaForex Company - www.instaforex.com
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