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Intraday bias remains bullish as long as support 0.8550 holds. It hit a high of 0.86696 at the time of writing and is currently trading around 0.86589.
Economic data
|
Date |
Time (GMT) |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Oct 18th |
12:30 pm |
USD |
Building permits |
1.43M |
1.45M |
1.47M |
|
|
|
USD |
Housing Starts |
1.35M |
1.35M |
1.36M |
Technicals-
The pair is trading above 34 and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.8670 any break above targets is 0.8698/0.8750. The bearish pattern from 0.92244 will be completed at 0.8375 if the pair closes above 0.8750. A jump to 0.8800/0.8925 is possible. The immediate support is at 0.8620, any violation below will drag the pair to 0.8580/0.8550/0.8525/ 0.84990/0.8440/0.8420/0.8390/0.8365 (61.% fib projection)/0.8340.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index - Neutral. Overall trend is bullish
It is good to buy on dips around 0.8600 with SL around 0.85480 for a TP of 0.8748.
