We will retain our bullish outlook for the pair predicted yesterday. The pair is trading above the rising 50-period moving average, which plays a support role and maintains the upside bias. The relative strength index is above its neutrality area at 50. The downside potential should be limited by the key support at 0.9655.
Therefore, as long as this key level is not broken, we expect a further rise to 0.9700 and even to 0.9730 in extension.
Chart Explanation: The black line shows the pivot point; the present price above pivot point indicates the bullish position and below pivot points 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.
Strategy: BUY, Stop Loss: 0.9655, Take Profit: 0.9700
Resistance levels: 0.9700, 0.9730, and 0.9775
Support levels: 0.9625, 0.9605, and 0.9590
The material has been provided by InstaForex Company - www.instaforex.com