The currency pair is consolidating after a minor sell-off. It hits an intraday low of 0.87994 yesterday and is currently trading around 0.88391. The intraday bias appears to be bearish as long as the resistance 0.9000 holds.
February 2025 also witnessed an increase in U.S. new home sales by 1.8% to 676,000 units, up 5.1% from a year ago and with a median home price falling 1.5% to $414,500. March 2025, on the other hand, witnessed a sharp fall in the Consumer Confidence Index to 92.9 and the Richmond Fed's manufacturing index to -4, reflecting a mixed economic picture with housing gains being balanced by falling consumer confidence and manufacturing activity.
Technical Analysis and Resistance Levels
The pair is trading above the 34-EMA and below 55-EMA on the 4-hour chart indicates a minor up trend. The immediate resistance is at 0.8865 any break above targets 0.8890/0.8940/0.9000/0.9035/0.9070/0.9100/0.9150/0.9200/0.92250/0.9275/0.9300.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8750, any violation below will drag the pair to 0.8720/0.8660/0.8600.
Bullish Indicators
CCI (50) - Bullish
Directional movement Index - Neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.8850-525 with a stop-loss at 0.8890 for a TP of 0.8720.
