There is a little movement in the market today after the announcement of non-farm payroll. The pair is under pressure below the key resistance at 0.7290, which should limit the upside potential. Relative strength index is capped by a bearish trend line since July 7 and calls for a further downside.
To sum up, as long as 0.7290 is not surpassed, look for a new decline to 0.7255 and 0.7240 in extension.
Strategy: SELL Stop Loss: 0.7290. Take Profit: 0.7255 and 0.7240
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it is below the pivot points, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7305, 0.7320, and 0.7345
Support levels: 0.7255, 0.7240, and 0.7225
The material has been provided by InstaForex Company - www.instaforex.com