The US dollar is facing strong resistance at $85, if this takes off, huge potential upside will be expected. The pair made a double top at 1.11 levels after that the pair went through a healthy correction up to 50Dsma and closed above the near- and short-term moving averages. In yesterday's session, the pair made a strong close at higher levels. But, today, as of now, the pair opened higher representing a bearish view. We recommend fresh buying above 1.1044 for targets at 1.1072 and 1.1 levels. Above 1.1 we can see an immediate target at 1.1150, later at 1.12 and 1.1220 levels. The pair has a strong support zone between 1.0865 and 1.08464. A weekly closing basis below 50WSma, the NT and ST view looks bearish - use a dip to buy.
Support 1.0880, 1.0846, 1.0811
Resistance 1.1072, 1.1, 1.1150
For an intraday view, we recommend buying above 1.1044. The pair has support at 1.1015, below this, at 1.09950 and 1.0975. Use a dip to buy or fresh safe selling only below 1.0975, risky traders can sell below 1.1015. Safe buyers can buy above 1.1044, risky traders can buy at cmp 1.1040.
The material has been provided by InstaForex Company - www.instaforex.com
