Fundamental overview:
Technical comment:
Daily chart is mixed as MACD is in bullish mode but stochastics is turning bearish.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7920 and the second target at 0.7960. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7785. A break of this target would push the pair further downwards and one may expect the second target at 0.7745. The pivot point is at 0.7820.
Resistance levels:
0.7920
0.7960
0.8005
Support levels:
0.7785
0.7765
0.7745
The material has been provided by InstaForex Company - www.instaforex.com
