The pair hits a fresh year high on board-based Euro buying. Intraday bias remains bullish as long as support 0.8380 holds. It hits an intraday high of 0.85014 and is currently trading around 0.85008.
Technical Analysis
The pair is currently trading above the 34- and below 55-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.84500 confirms an intraday bearish trend. A drop to 0.8400/0.8380/0.8300 is likely.
Near-Term Resistance: It broke major trend line resistance (trend line joining 0.87564 and 0.86251). A jump to 0.85405 (200 W EMA)/0.8600 is possible.
Indicator Analysis (Daily chart)
- CCI (50): Bullish
- Average Directional Movement Index: Bullish
Trading Recommendation
It is good to buy on dips around 0.84950-98 with SL around 0.84480 for a TP of0.8600
