Weekly Trend Direction: Bullish.
Weekly Trend Reversal Level: 1.2500
Key Support Levels: 1.2740, 1.2575, 1.2440, 1.2300.
Key Resistance Levels: 1.3000, 1.3300
Entry Strategy: Buying dips in an uptrend at support levels, while market trades above trend reversal level.
Trade Suggestion: This pair made a bullish run as we determined last week and continued to trade above our weekly trend reversal level and reached our sited targets of last week which is 1.2830 and 1.3000.
Now this pair reached as high as 1.3007 which is a corrective rise of the fall from 1.3691 to 1.1875, which is 61.8 of that fall. This pair has a critical region between 1.3000 to 1.3300 , which could be a potential resistance zone / reversal zone. However this pair could continue it run to 1.3100 followed by 1.3300 target, exceeding this sited level will give this pair more push upwards towards 1.3500 target. What we are seeing now on this pair is a A B C correction on daily charts. Price level exceeding 1.3300, we could see a potential rise in this pair. Be cautious while trading in the zone between 1.3000 to 1.3300. A sustained break above 1.3000 level might push this pair to next price target level of 1.3100 & 1.3300.
The price level 1.3000 will be significant resistance on this pair, which is a big number.
Before we see any rise on this pair, we would wait for downward correction to any of our suggested support levels.
Note: 1.3100 will be a significant key level to watch on this pair.
Alternate suggestion: Any breach of our suggested weekly trend reversal level will open up doors targeting towards 1.1875 & 1.1639.