The pair gave an upside breakout at 9-month resistance. Even though it breached in August unable to be sustained there, but this time it gave a potential breakout aiming for 183.50 and 185.60 levels. This view is valid with sl 174.75 on a closing basis. The pair breached the 200Msma holding above that. If the pair manages to close above 177.60 on a monthly closing basis, further bullishness will preform in the coming days and weeks. Below 17760, it has support at 175.355 and 174.75.
For an intraday view, the prices are trading above 12ema and 35DEMA, representing further bullishness. The hourly moentum indicators are at extreme overbought zone at 90 levels. The hourly support levels are at 178.80, 178 and 177.40. Use a dip to buy. Until prices close below the neckline, use a dip to buy.
At the current market price fresh buying will not be advisable, use a dip to buy.
The material has been provided by InstaForex Company - www.instaforex.com
