The pair made a double top at 140.45 in the daily chart and is going through a healthy correction. The pair hit the breakout upper end of the trend line many times, now it is acting as a current support trend line on a closing basis. The pair has managed to close above 200Dsma for 3 days. The pair opened today's session at 139.88 and is trading at 139.75, near 20Dsma. Until the pair trades below 140.20, the pair looks weak attracting bears. The trading pattern is framed between 140.20-139.27 levels. A daily close below 200Dsma or the top end of the triangle, in the near term the pair will favor profit booking.
Support: 139.27-139.16, 138.45, 138.25.
Resistance: 140.21, 140.45, 141.80.
For an intraday view, the prices are closed below the 35DEMA and 12ema represents some weakness in the hourly chart. Sellers (sl 140.21) can short at the cmp. The weakness will double below 139.27 towards 139.18, 139.10 and 138.46. Safe sellers can sell only below 139.10. Above 140.21 it can fly to 141 levels.
In case of a weekly close below 139.10, the bears will have an upper hand.
The material has been provided by InstaForex Company - www.instaforex.com
