Re-test level- 0.8550
Intraday bias remains bullish as long as support 0.84990 holds. It hit a high of 0.86079 yesterday and is currently trading around 0.85505.
The pair broke out of the narrow range after US NFP data. US NP data came well above market expectations.
Technicals-
The pair is trading above 34 and 55 EMA in the 1-hour chart.
The near-term resistance is around 0.8620 any break above targets 0.8660/0.8698/0.8750. The bearish pattern from 0.92244 will get completed at 0.8375 if pair close above 0.8750. A jump to 0.8800/0.8925 is possible. The immediate support is at 0.84990, any violation below will drag the pair to 0.8440/0.8420/0.8390/0.8365 (61.% fib projection)/0.8340.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index - Bullish. Overall trend is bullish.
It is good to buy on dips around 0.8550 with SL around 0.84990 for a TP of 0.8660/0.8698.
