The pair trading at a 5-week high, approaching the crucial resistance zone between 138.50-138.75. A weekly close above 138.75 turns the short- and medium-term trend to positive. On the down side, it has support at 138 below this; 137.58 and 137.50 are strong support levels in the near term. Breaking below this, 137.29 and 137.10 are minor support levels. In case a daily close is below 137.50, the weekly trend turns to negative.
Support is at 138, 137.50, and 137.10.
Resistance is at 138.50, 138.75, and 139.10.
Intraday cmp 138.13.
The prices are closed and trading above the neckline and hourly key moving averages. In the h4 chart, the oscillators are indicating an extreme overbought area. For an hourly trading session, we recommend selling below 138 with the targets at 137.88, 137.81, and 137.60. The panic will trigger below 137.60 towards 137.50, 137.20, and 137.10. Fresh buy only above 138.25 with the targets between 138.50 and 138.60 levels.
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