The pair held support at 1.1264 and managed to close above 20Dsma. Today, the pair opened on a bearish note higher at the 1.1309 levels and fell back again below 20Dsma. We recommend fresh selling below the 1.1264 levels with the targets at 1.1200 and 1.1188. In case if the pair closes above 1.1386 on a weekly basis, it can challenge 260 odd pips on the higher side. As we recommended earlier, the pair will challenge 1.1530 in the near term, 1.1644 and 1.1685 in the medium term, and 1.1900 and 1.2350 in the long-term perspective. The pair has resistance at 1.1425 on a daily closing basis. Today, traders are keeping an eye on the US CPI data. Falling oil prices are putting pressure on this pair which resulted in downticks. The prices are closed and are trading below 12ema and 34hrsma in the h4 chart. Until the prices closed below 1.1330, bears have an upper hand for the next couple of days. From an hourly view for speculators, above 1.1300 the pair favors bulls with the targets at 1.1310 and 1.1330.
Trade:
Sell below the 1.1264 levels with the targets at 1.1200 and 1.1188.
The material has been provided by InstaForex Company - www.instaforex.com
