- Major resistance – 1.00377 (61.8% retracement of 1.0170 and 0.98136).
- The pair is trading in narrow range between 0.99943 and 1.00375 for the past three trading days. It is currently trading around 1.00375.
- The major near resistance is around 1.00375 (61.8% retracement of 1.0170 and 0.98136) and any break above indicate that decline from 1.03435 got completed at 0.98136.The pair should break above 1.0170 for further bullish confirmation. The near term resistance are at 1.00783 (61.8% retracement of 1.03435 and 0.98136)/1.00950 (trend line joining 1.033 and 1.01700).
- On the lower side, near term support is around 0.9995 (21- day EMA) and any violation below will take the pair till 0.9960/0.9929 (200- day MA) /0.98600/0.98100.
It is good to buy on dips around 1.0020 with SL around 0.9980 for the TP of 1.00780/1.00935
Resistance
R1-1.00380
R2 -1.00785
R3- 1.00950
Support
S1-0.99950
S2-0.9960
S3-0.9929
