The pair successfully breached the 2-year descending trend line in the monthly chart. The pair has been enjoying its uptrend for 3 consecutive months. On the upper side, the pair has resistance at 0.9716, above this, parallel resistances are 0.9751 (July 2013 high), 0.9838 (May 2013 high), 0.9898 (August 2012 high), and 0.9972 (July 2012 high). In case the pair closes above 0.96 on a monthly basis, the pair will aim at 1.0000 and 1.1020 100MSma levels. The pair has monthly support at 0.9456 and 0.9180 levels. As of now, today, the pair made a high at 0.9688, but was unable to sustain above the previous week's high at 0.9684 levels.
We recommend fresh buying above 0.9688 for an upside target at 0.9750 and 0.9790 levels. On the down side, the pair has support at 0.9660. For the bears we recommend safe selling only below 0.9660 for a downside target at 0.9630, 0.9610 and 0.96. For an intraday view, the pair has support at 0.9615, below this, 0.9580 and 0.9558 will act as strong support levels. If the pair falls below 0.9555, it will extend its fall to 0.9518 levels.
Trade-
Selling below 0.9660, target: 0.9630, 0.9615 and 0.9600.
The material has been provided by InstaForex Company - www.instaforex.com
