Weekly Trend Direction: Bearish.
Weekly Trend Reversal Level: 113.40
Key Support Levels: 111.00, 110.00, 109.60, 108.60
Key Resistance Levels: 113.00, 116.10
Entry Strategy: Selling rallies in downtrend.
Trade Suggestion: We had a corrective bullish run on this pair for the past few weeks, however the long trend on this pair is still bearish. We have a strong resistance on this at 113.00 area by which this pair failed to break that level several times, 113.00 is also a 38.2 fib level from its fall from 122.27 to 107.31.
we have seen another test to that level on friday by which it has again failed to break that level. However on a daily chart it has been now in a bulllish channel, we are now seeing a breach to that bullish channel support line, by which prices can fall back to 110.00 to 109.00 area or possibly can continue to extend downward to test its lows. This pair has a support at 110.00 area, breach of that will push this pair much lower.
Alternate Scenario: Any breach of of weekly trend reversal level will open up doors targeting 114.80, 116.50.