FxWirePro: NEO/USD breaks major trendline resistance at 109.50, scope for test of 161.8% Fib at 134

NEO/USD has shown a break above major trendline resistance at 109.50.

The following technical studies support further upside:

- RSI strong above 70 levels and biased higher.

- 5-DMA sharply higher, 20-DMA supports uptrend.

- Momentum studies bullish, Stochs are biased higher.

- +ve DMI dominance.

Support levels - 106.35 (127.2% Fib extension of 3.7385 to 84.41 rally), 102.76 (5-DMA), 80.24 (20-DMA)

Resistance levels - 134.26 (161.8% Fib), 214.93 (261.8% Fib)

Recommendation: Good to go long on close above 110, SL: 84, TP: 134/ 187/ 200

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