The pair has been in a downtrend from the levels of 1.3967. Today, traders will eye the Fed's Chairwoman Jannet Yellen speech and CPI flash estimates y/y. In Asia's trading session, the pair is trading at 1.3752. The pair has broken the rising wave and trading near the resistance level (purple line). On the down side, Friday's low of 1.3705 is the support level and the level of 1.38 is the resistance level. If the pair trades above the purple line, we can see a clear sign of the near term trend chance will take place. As we recommended earlier in our previous post, go short until the pair trades above 1.396 levels. Now, we are giving an update on this, until it trades above the level of 1.3876, bears will take the pair towards more downside for 1.364, 1.356, and 1.354 levels. A day close below the level of 1.3724 (50SMA) will strengthen the weakness in the pair.
In the H4 chart, the pair came out of the trading pattern and taking support at the level of 1.3745 and facing resistance levels at 1.3766, 1.3777, 1.3787, and 1.38. An up move will take place once the pair crosses and trades above the level of 1.38 (50SMA) towards 1.3850 and 1.3876 levels. On the down side, if the pair trades below the purple line, it will drift towards 1.3737, 1.37, and 1.3642 levels. We will sit on buy side once the pair trades above the level of 1.3876 in the near term.
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