Major resistance – 1.12280 (100 day MA).
Major support – 1.1150 (90 day EMA).
The pair has jumped slightly after making a low of 1.11532 yesterday. It is currently trading around 1.12050.
Short term bullishness can be seen only above temporary top formed at 1.12280 (100 day MA). Any violation above that level will take the pair to next immediate resistance 1.12668 (50% retracement of 1.16163 and 1.09115)/1.1300/1.1380.
On the lower side, support stands at 1.1150 and any indicative break below targets 1.1100/1.1079.
Short term bearish invalidation only above 1.1430 (Jun 26th 2016 high).
It is good to buy above 1.1228 with SL around 1.1150 for the TP of 1.1300/1.1380.
Major support – 1.1150 (90 day EMA).
The pair has jumped slightly after making a low of 1.11532 yesterday. It is currently trading around 1.12050.
Short term bullishness can be seen only above temporary top formed at 1.12280 (100 day MA). Any violation above that level will take the pair to next immediate resistance 1.12668 (50% retracement of 1.16163 and 1.09115)/1.1300/1.1380.
On the lower side, support stands at 1.1150 and any indicative break below targets 1.1100/1.1079.
Short term bearish invalidation only above 1.1430 (Jun 26th 2016 high).
It is good to buy above 1.1228 with SL around 1.1150 for the TP of 1.1300/1.1380.
