The pair has been in a downtrend from 1.2570 levels. Recently, the US dollar became stronger and this pair took u turn from 1.243 level. It took the support at its parallel weekly support at 1.2426. From previous 1-month the pair is struggling to cross above the weekly 50SMA at 1.2583 level. On the down side, if the pair breaks the support at 1.2426, it is likely to drift all the way to 1.2317 and 1.23 levels. The break below 1.23 major cracks is seen to take place at 1.2130 levels. On the upside, the pair is facing resistance at 1.2495 (last weeks high). In case it is crossed, we will see 1.2555, 1.2571 and 1.258 levels.
Weekly key support at 1.2426, resistance at 1.2495
For the month, the pair is trading in a buy on dips strategy from the cmp or even dip. The daily momentum indicators are giving a buy call for this pair. Traders can buy above 1.2495 for targets 1.256 (50daily SMA) and 1.257 levels. The key reversal is seen to take place when the pair crosses the 1.257 so it can fly up to 1.2626 levels easily.
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