The pair is in a downtrend since 10th Oct after hitting multi-month highs of 2.047.
Price action is currently holding support at 110-EMA at 1.96, break below will see resumption of weakness.
Next major support lies at 61.8% Fib at 1.9505 ahead of 1.93 (major trendline support).
Rejection and bounce off 110-EMA eyes immediate resistance at 1.9761 (55-EMA) ahead of 1.9858 (21-EMA).
Support levels - 1.96 (110-EMA), 1.95 (61.8% Fib), 1.93 (trendline)
Resistance levels - 1.9695 (5-DMA), 1.9761 (55-EMA), 1.9857 (21-EMA)
Good to stay short on break below 110-EMA, SL: 1.9695, TP: 1.95/ 1.93
Price action is currently holding support at 110-EMA at 1.96, break below will see resumption of weakness.
Next major support lies at 61.8% Fib at 1.9505 ahead of 1.93 (major trendline support).
Rejection and bounce off 110-EMA eyes immediate resistance at 1.9761 (55-EMA) ahead of 1.9858 (21-EMA).
Support levels - 1.96 (110-EMA), 1.95 (61.8% Fib), 1.93 (trendline)
Resistance levels - 1.9695 (5-DMA), 1.9761 (55-EMA), 1.9857 (21-EMA)
Good to stay short on break below 110-EMA, SL: 1.9695, TP: 1.95/ 1.93
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.