Intraday bias remains neutral as long as resistance 0.8550 holds. It hit a high of 0.85180 yesterday and is currently trading around 0.85036.
Markets eye US CB consumer confidence and Richmond manufacturing PMI for further direction.
Technicals-
The pair is trading below 34 and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.8520 any break above targets 0.8550/0.8590/0.8635.The bearish pattern from 0.92244 will get completed at 0.8375 if pair close above 0.8550. The immediate support is at 0.8465, any violation below will drag the pair to 0.8450/0.8420/0.8390/0.8365 (61.% fib projection)/0.8340.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Neutral
Average directional movement Index - Neutral. Overall trend is mixed.
It is good to sell on rallies around 0.85080-100 with SL around 0.8550 for a TP of 0.8390.
