FxWirePro: XRP/USD consolidates in narrow range, good to sell on rallies
Major resistance – 1.40 (trend line joining 3.06 and 2.78). The pair has formed a triple bottom at 0.87 and jumped till 1.75 from that level. Intraday term trend is slightly bearish as long as resistance 1.70 holds. The …
Major resistance – 1.40 (trend line joining 3.06 and 2.78).
The pair has formed a triple bottom at 0.87 and jumped till 1.75 from that level. Intraday term trend is slightly bearish as long as resistance 1.70 holds. The major resistance is around 1.40 and break above targets 1.60/1.75. It is currently trading around 1.2259.
The near term support is around 1.25 and break below targets 1/0.87. Major weakness only below 0.61.
On the higher side, near term major resistance is around 1.60 (200- 4H EMA and 23.6% fibo) and any break above will take the pair to next level till 1.97/2.09. The pair should close above 2.25 level for further bullishness.
It is good to sell on rallies around 1.35-40 with SL around 1.60 for the TP of 1/0.87.
