Weekly Trend Direction: Bullish
Weekly Trend Reversal Level: 1.4940
Key Support Levels: 1.5250, 1.5200, 1.5150, 1.5000
Key Resistance Levels: 1.5470, 1.5630, 1.5960
Entry Strategy: Buying dips in an uptrend, at support levels while markets trades above weekly trend reversal level.
Trade Suggestion: This pair is on uptrend now.. last week we have seen this pair breaking out of bearish channel, and now its currently retesting it. This pair has made 100% rise of the fall from 1.5522 to 1.4236, which signifies that wave is completed. It is now trading in a bullish channel. What we are seeing now could be a A B C correctionon daily chart, which is also a 5 wave pattern inside that. This pair has significant resistance at 1.5470 level... break of that level will make this pair to rise to 1.5636 followed by 1.5970. We could possibly see this pair ranging between 1.5055 to 1.5400 before making another move to the upside. For now we stay bullish on this pair. We could see a downward correction on this pair this week for the current rise from 1.4236 to 1.5471.
Alternate Scenario: If our trend reversal level is breached we could see longterm downtrend to resume back to test its lows 1.4236.