The pair held the 50Msma and started moving higher. The pair has a short-term support at 0.9175 (50Msma) and the 0.9135 level. On a closing basis, until the price stands above these levels, the pair favors buying on dips towards 0.94, 0.9456, and 0.95 in the short term. The monthly support existed at 0.8980 and weekly support existed at the 0.9158 and 0.9126 levels. When a break and close are below 0.9135, the pair will look for the nearest support at 0.90 and 0.8975. The pair has strong resistance at 0.94 (200Dema). When a weekly close is above 0.94, bulls may print 0.9456,0.9534, and 0.9624 levels.
Support is at 0.9158, 0.9126, and 0.90.
Resistance is at 0.94, 0.9456, and 0.9534.
Intraday cmp 0.9320.
The prices are closed above the key hourly moving averages, representing buy on dips. But the main concern is the h1 and h4 momentum oscillators are indicating an extreme overbought area. It represents limited upside move and sellers will mint the money. Safe traders can sell below 0.9286 with targets at 0.9250 and 0.9230. The panic button will trigger below 0.9230 towards 0.9175 and even lower.
Sellers will mint the money, so sell and wait patiently.
The material has been provided by InstaForex Company - www.instaforex.com
