The currency pair recovered above 0.9100 on board-based US dollar selling. It hit an intraday high of 0.91321 and is currently trading around 0.91308. The intraday bias appears to be bullish as long as the support of 0.9070 holds.
Markets eye Fed chairman Powell's testimony today for further direction.
Technical Analysis and Resistance Levels
The pair is trading above the 34-EMA and 55-EMA on the 4-hour chart indicating a mixed trend. The immediate resistance is at 0.9150 any break above targets 0.9200/0.92250/0.9275/0.9030.
Support Levels and Potential Declines
On the downside, near-term support is around 0.9010, any violation below will drag the pair to 0.9070 /0.9030/0.8940/0.8890/0.8800.
Bullish Indicators
CCI (50) - Bullish
Directional movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.9100 with a stop-loss at 0.9070 for a TP of 0.9200.
