All our downside targets which we predicted in yesterday's analysis have been hit. The pair is under pressure below the key resistance at 151.30, which should limit the upside potential. The declining 50-period moving average suggests that the prices have potential for a further downside. The relative strength index lacks upward momentum.
To conclude, as long as 151.30 is not surpassed, expect another decline to 150.35 and even to 149.85 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 152.90 with the target at 152.50
Strategy: Sell, stop loss at 151.30, take profit at 15150.35
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot point, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 151.75, 152.10, and 152.45.
Support levels: 150.35, 149.85, and 149.30
The material has been provided by InstaForex Company - www.instaforex.com