Resistance - 109.68, 109.89, 110.34
Support - 109.56, 109.37, 109.00
Pattern on hourly chart - Rising trend line, sideways channel
Outlook
Support - 109.56, 109.37, 109.00
Pattern on hourly chart - Rising trend line, sideways channel
Outlook
-
Pair's jump from daily 5-SMA seen today if followed by a bullish break from sideways channel on hourly chart could open doors for a cut through strong resistance at 109.68 and 108.89 levels.
- An hourly closing above 108.89 would expose 110.34 (23.6% of 125.856-105.55).
- On the lower side, a failure to sustain above 109.56 would mark a re-entry into sideways channel. Bearish momentum is seen gaining pace only below daily low of 108.88.
