The pair has been facing strong resistance at 100WEma around 0.94 levels. The pair has been making minor support between 0.93-0.9315 levels. On the upside, the resistance zone is between 0.9366-0.9399. We recommend fresh buying above 0.94 for an upside target at 0.9450 and 0.9535. The pair has strong ST support at 0.9175 and for the NT 0.9248 is the support level, until the prices close above 0.9248, buying on dips is favored.
Support 0.9315-0.93 0.9285 0.9250
Resistance 0.9360 0.94
For an intraday basis, the prices are trading slightly below the hourly key moving averages. The hourly Stochstics is indicating a small positive divergence. We recommend selling only below 0.93 for a downside target at 0.9286, 0.9260, maybe 0.9220. In the H4 chart, the pair has been making lower high and lower low swing. The bulls can have an upper hand only above 0.9360 and strong up move will be triggered above 0.94.
The material has been provided by InstaForex Company - www.instaforex.com
