Weekly Trend Direction: Bullish
Weekly Trend Reversal Level: 110.00
Key Support Levels: 112.00, 111.00, 110.00, 109.60
Key Resistance Levels: 113.30, 114.78, 116.50, 119.08
Entry Strategy: Buying dips in an uptrend at support levels, while market trades above trend reversal level.
Trade Suggestion: Last week as per our analysis prices did fall to 110 level and bounced back. Now this pair has turned bullish and facing resistance at 113.30 level. We have strong resistance at 113.30 area, it has failed to break it several times, 113.30 is also a 38.2 fib level from its fall from 122.27 to 107.31. Last week we saw this pair making another failed attempt to break this level of resistance. We will be cautious around this level, we recommend to stay away in entering any long positions on this pair until 130.30 level is broken. It has also got a bearish daily trendline around 116.50 to 119.00. That could be a significant test for this pair as well.
Our suggestion is to go long after 130.30 level is broken targeting 115.00, 116.07 & 117.70
Any failed attempt to break this level will push this pair to 111.00 & 110.oo levels.