Trend Direction: Bullish
Trend Reversal Level: 1.4940
Key Support Levels: 1.5200, 1.5270, 1.5150, 1.5050, 1.5000
Key Resistance Levels: 1.5300, 1.5470, 1.5630, 1.5960
Entry Strategy: Buying dips in an uptrend above our suggested trend reversal level.
Trade Suggestion: We have seen pull back on this pair from bottom of the channel support at 1.5150 levels. It has broken above 1.5200 levels and currently trading at 1.5290. This pair also have key resistance at 1.5300 level.
Our suggestion on this pair is to wait for break of 1.5300 level and then go long targeting 1.5350, 1.5400 & 1.5470. On a 1 hour chart it has broken bearish channel resistance and now facing resistance at 1.5300 level. Once we see a break of 1.5300 level, it will give us a very good risk to reward ratio for going long.