Weekly Trend Direction: Bullish
Weekly Trend Reversal Level: 1.4940
Key Support Levels: 1.5390, 1.5340, 1.5300, 1.5250, 1.5200, 1.5150.
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: As we mentioned last week that is pair could range between 1.5400 to 1.5055, as it did indeed. Now as we look into charts price is able to hold above 1.5200 support level and bounced off from the bottom of bullish channel support. This signifies uptrend is still in place. Last week prices closed inside the range of previous week's range, so for the price to get momentum it has breakout of 1.5448 to 1.5124 range.
As the pair is bullish we anticipate top of the range to be broken in order to get momentum for further upside move. As this pair has strong resistance at 1.5470, breach of that level will push this pair targeting towards 1.5650, 1.5788, 1.5900 followed by 1.5970
Our suggestion on this pair is to go long if prices break above key resistance level 1.5470 targeting towards 1.5650, 1.5788, 1.5900 & 1.5970.
Alternate suggestion: If prices pull back to 1.5200 level where we have significant support and bullish channel support, go long targeting 1.5300, 1.5470, 1.5650, 1.5788, 1.5900 & 1.5970 on the bounce.