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- Major resistance- 127.55 (trend line joining 129.61 and 128.61).
- Major support- 124.80.
- The pair has formed a double bottom around 124.80 and started to recover from that level .it is currently trading around 127.11.
- On the lower side, support stands at 124.80 and any break below will drag the pair to next level till 121.70 (161.8% retracement of 124.78 and 129.61).The minor support is around 126.50/125.85.
- Any break above 127.55 will take the pair to next immediate resistance at 128.60/129.60 in the short term.
It is good to buy above 127.55 with SL around 126.50 for the TP of 128.60/129.61.
