As we expected, the pair closed above the 100Dsma at 138.51. Today, the pair is currently unable to breach the previous day high. We recommend fresh buying above the 138.51 levels for an immediate target at 138.80. The pair has support at 138.36 on a daily closing basis. The weekly support existed at 138.20. If a weekly close is above 138.80, the next upside leg will start next week.
On an intraday basis, the prices are closed above the hourly key moving averages. We recommend buying above 138.51 with an hourly target at 138.80 as major resistance. On the down side, it has support at 138.10 and 137.97. Selling will be possible below 137.97 towards the 137.69 and 137.15 levels.
The material has been provided by InstaForex Company - www.instaforex.com
