TThe pair continued moving upwards for the third consecutive session as well. At yesterday's session, the pair rejected at 20Dsma. Earlier, the pair made a double bottom at 122.48. Support is found at 122.35 200hrsma. At today's Asian session, the pair managed to hold 20Dsma. The nearest strong resistance is seen at 123.85. Until the support holds at 122.50, bulls will target the previous high of 125.60. In case bulls close above 124.50, they will aim for a new high. In the four-hour chart, we can observe an ascending triangle formation. Today's US new home sales data was widely accepted on the higher side. Readings for the US GDP are expected to fall by 0.2% against the earlier forecast, which had a positive impact on the USDX. Bulls will have enough time to break on the higher side if today's GDP data proves the growth of the economy. The pair has a bullish characteristic. At yesterday's session, the pair gave a break on the higher side, but was unable to breach of the level at 124.50.
For an intraday session, selling opportunity is seen below 123.75 with immediate target at 123.55 and at 123.40 and 123.20 later. Selling accelerates below 123.20 towards 122.70 and 122.50. Buying is advised above 124.10 towards 124.40. Strong buying momentum is expected above 124.50 towards 124.65, 125.00, and 125.20. In the extreme case, 125.60 is expected to be reached in a day or two if the price closes above 124.50.
To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com
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