The pair breached the 4-week resistance and moved to 1.1032 but rejected at the 61.8 fib level. The pair has a strong resistance zone between the 1.1053-1.1070 levels. We can expect a strong up move only above 1.1070 (safe buy) towards 1.1150. On the down side, the pair has strong support at 1.08526 and 1.0816 (50Wsma) for the short-term perspective. Until the pair closes above 1.0816, bulls will have an upper hand. In the near term, the pair is unable to sustain at higher levels on closing basis. Even though it breaches the high levels, but unable to close at higher levels 1.0986. We are bullish only if the pair closes above 1.0986 on a daily closing basis for the near term.
Resistance 1.0986 1.1053 1.1070
Support 1.0919 1.08474 1.0816
For an intraday basis, the pair opened with a bearish note moving high and below the previous day close. The pair has support at 1.0964, below this 1.0960 and 1.0954 level is a major support level. Safe traders can sell below 1.0964 with downside targets at the 1.0954, 1.0942, 1.0928, and 1.0920 levels. Risky trades can sell at cmp 1.0979 with sl at 1.0986.
Sell with sl 1.0986.
Safe traders can sell below 1.0964.
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