Intraday bias remains bearish as long as resistance 0.8550 holds. It hits a high of 0.85420 yesterday and is currently trading around 0.85193.
US dollar gained momentum after positive US ISM services PMI data. Markets eye US NFP data for further direction. Any upbeat US NFP (above 180K) will push the pair above 0.8550.
Technicals-
The pair is trading above 34 and and above 55 EMA in the 1-hour chart.
The near-term resistance is around 0.8550 any break above targets 0.8590/0.8660. 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 0.8470, 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 above 0.8550 with SL around 0.8500 for a TP of 0.8660.
