The pair fell below the 20 Dsma and closed below that. The pair made a minor base at 0.9400 levels and moving inch higher by making lower lows for 3 sessions. For the near term the trading pattern is framed between 0.9511 (20Dsma) and 0.9401. On the bullish front, in case if the pair closes above 0.9511 levels, we can expect a 50-80-pip rise. In case, if the pair falls below 0.9400, it can extend its fall to 0.9360-0.9345 levels. The weekly support level is at 0.9345 (50Dsma). In case, if the pair closes below 0.9345 levels, we can see a sharp correction to 0. 9300 and 0.9280 levels and even further lower towards 0.9200 (20Wsma). We recommend selling only below 0.9400 levels.
Support: 0.9400, 0.9345, 0.9300
Resistance: 0.9480, 0.9510, 0.9562
For an hourly trading view, the prices are trading below 12ema and 35DEMA. Today in Asia's session the 34hrsma is providing some support at 0.9425 levels. In the h4 chart, the pair fell below the base triangle, the height of the triangle is 219 pips. Couple of times the pair tried to breach the base of the triangle, but was unable to close above the base of the triangle. We recommend selling below 0.9415 for targets at 0.9406, 0.9395 and 0.9345 levels. Buying above 0.9340 for target at 0.9460.
The material has been provided by InstaForex Company - www.instaforex.com
