The pair made a double top at 139.18 in the daily chart. In yesterday's session, the pair moved to lower levels, but managed to hold above the breakout level. Today, the pair moved lower again, but as of today held the previous days low. The daily stochastic does not favor fresh long positions. We recommend buying above 139.25 for an upside target for an immediate target at the 139.95-140.05 levels. The descending trend line is acting as strong resistance in the near term. On a daily closing basis, 138.30 will as an initial support level.
For an intraday session, the pair has been facing strong resistance at 35DEMA. The resistance zone existed between the 138.78-138.85 levels. We recommend buying above 138.80 and selling below 138.45. The 21hr sma at 138.58 acting as strong support .
The material has been provided by InstaForex Company - www.instaforex.com
