The soft US data dragged the pair below 20Dsma. In yesterday's session the pair rejected at 20Dsma and closed below that. Today the pair opened below the previous close which represents some more weakness. Traders eye today's US consumer confidence and tomorrow's US Federal Reserve monetary policy meeting. On the down side the pair has support at 0.9470. We recommend selling below 0.9465 and buying above 0.9525. The prices are trading below the hourly key moving averages in the h4 chart. The pair has been making a strong base between 0.9400 and 0.9392 levels. In case, if the pair closes below 0.9392, we can expect a 100 to 150 pips correction in the near term. The monthly support level exists at 0.9150 levels. Huge buying will take place above 0.9565 for a upside target of 0.9593 and 0.9625 levels.
Support: 0.9465, 0.9392, 0.9301
Resistance: 0.9562, 0.9625, 0.9688
Trade- selling below 0.9465
Buying above 0.9525
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Trading recommendation on October 28, 2014 . Thanks for your support.
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