- The pair is approaching support level at 1.00883. The pair has started decline after failing to break 23.6% Fib at 1.0915, and is moving downwards to test next support level located at 1.0883(Aug 6th lows), the resistance level 1.0915 is strong and it is expected to hold the bulls and bring another decline shortly.
- The pair is trading around 1.0896 levels and it is expected decline towards 1.0860 and 1.0830 levels in the short term.
- To the upside, the strong resistance can be seen at 1.0915 (61.8% Retracement level), a break above this level would take the pair towards next resistance level at 1.1035 (July 15th high).
- To the downside immediate support can be seen at 1.0883 (Aug 6th lows), a break below this level will open the door towards next level at 1.0873 (38.2% Retracement level).
Recommendation: Go short below 1.0900, targets 1.0860, 1. 0830, SL 1.0980
R1: 1.0915(61.8% Retracement level of 1.0985 to 1.0805)
R2: 1.0940 (Aug 6th high)
R3: 1.0985(Aug 4th high)
S1: 1.0883 (Aug 6th lows)
S2: 1.0873 (38.2% Retracement level)
S3: 1.0848(23.6% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com