The pair has been facing strong selling for the last 2 weeks. In yesterday's session, the pair broke below 200WEma and took parallel support at 0.9353, a low made at 0.9361. Currently, the pair is trading above 200Wema. Today the pair opened above the previous close, looking a bit stronger. In yesterday's session the pair broke below the 20Dsma and closed far below that. It represents some noise in the near term. On the up side the pair has resistance at 0.9469 and 0.9505 (20Dsma). On the down side, if the pair falls below 0.9353 it has strong short-term support at 0.9323 50Dsma.
In case, if the pair closes below 0.9323 - the short-term trend turns down- pending
In the h4 chart, we can clearly see the prices broken from the base triangle, height of 219 pips. Until the prices close above the base of the triangle, on the down side gates open for 0.9250 levels within strong supports at 0.9353 and 0.9323 levels. The prices are closed far below the hourly moving averages. The pair has hourly support at 0.9396 below this free fall up to 0.9361. Strong selling will emerge below 0.9353 and panic, below 0.9323. Until the prices close above 0.9469 on h4 chart, we can't see safe buying. Risky traders can use sl 0.9396 and start buying and selling below 0.9396.
The material has been provided by InstaForex Company - www.instaforex.com
