After grinding sideways along strong support at 55-EMA, the pair has resumed upside.
Price action has broken out of daily cloud raising scope for further gains.
Technical indicators support upside in the pair. We evidence bullish divergence on RSI and Stochs.
Price has broken above 23.6% Fib and next immediate resistance lies at 38.2% Fib at 1.1498 ahead of 200-DMA at 1.16.
On the flip side retrace below cloud will see test of 55-DMA at 1.14. Breach at trendline support at 1.1350 negates bullish bias.
Support levels - 1.1431 (5-DMA), 1.14 (55-EMA), 1.1378 (23.6% Fib), 1.1350 (trendline
Resistance levels - 1.1498 (38.2% Fib), 1.1600 (200-DMA)
Good to go long on dips, SL: 1.14, TP: 1.1495/ 1.16
Price action has broken out of daily cloud raising scope for further gains.
Technical indicators support upside in the pair. We evidence bullish divergence on RSI and Stochs.
Price has broken above 23.6% Fib and next immediate resistance lies at 38.2% Fib at 1.1498 ahead of 200-DMA at 1.16.
On the flip side retrace below cloud will see test of 55-DMA at 1.14. Breach at trendline support at 1.1350 negates bullish bias.
Support levels - 1.1431 (5-DMA), 1.14 (55-EMA), 1.1378 (23.6% Fib), 1.1350 (trendline
Resistance levels - 1.1498 (38.2% Fib), 1.1600 (200-DMA)
Good to go long on dips, SL: 1.14, TP: 1.1495/ 1.16