The pair is approaching a strong resistance line(R1) @106.787.
The pair is above the EMA,50 and EMA,200 , however a cross of the EMA's could be observed tomorrow if the pair continues its bullish move.
On the flip side of this, i'm convinced that the resistance level will hold for the 3rd time and push the pair into a bearish move, however the move will be short term as the S1 is a key support.
In conclusion, trade set-up
Entry 1:106.848
Entry 2:106.686
S/L 1:107.005
S/L 2:106.954
TP 1: 106.056 (@ EMA,200)
TP 2: 106.056
The pair is above the EMA,50 and EMA,200 , however a cross of the EMA's could be observed tomorrow if the pair continues its bullish move.
On the flip side of this, i'm convinced that the resistance level will hold for the 3rd time and push the pair into a bearish move, however the move will be short term as the S1 is a key support.
In conclusion, trade set-up
Entry 1:106.848
Entry 2:106.686
S/L 1:107.005
S/L 2:106.954
TP 1: 106.056 (@ EMA,200)
TP 2: 106.056