The pair took the support from 50Dsma and again moved to higher levels. It tried to breach the previous high, but again is facing some selling pressure at the 1.11 levels. Today, in Asia's session the pair is unable to cross the previous day high. For the last 2 weeks, the pair has been facing strong resistance at 1.11. If it is taken off, we can see a sharp run up to 100 pips. 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. So, use a dip to buy.
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