It is evident from the monthly charts, that the pair found
support near the 50% retracement levels of the i.e 1.2142. Since then it has
been inching higher. However on the monthly charts, it is approaching the 50%
level (1.3930) of down move from 1.6000 to 1.1860. It is likely that the pair
could face resistance there
On the daily charts, the pair is approaching previous higher levels. In addition on Tuesday, it ended in a small body candlestick formation with upper shadow indicating some profit booking at higher levels. Looking at the candlestick structure we believe the pair could pause for a while before resuming the uptrend. In the medium-term bias would remain positive as the pair is trading above the long and medium-term moving averages. On the upside if it convincingly trades above 1.3810 then it could extend the current up move up to 1.3930 and 1.4070.Conversely, 1.3725 and 1.3660 could act as the support zone..
On the daily charts, the pair is approaching previous higher levels. In addition on Tuesday, it ended in a small body candlestick formation with upper shadow indicating some profit booking at higher levels. Looking at the candlestick structure we believe the pair could pause for a while before resuming the uptrend. In the medium-term bias would remain positive as the pair is trading above the long and medium-term moving averages. On the upside if it convincingly trades above 1.3810 then it could extend the current up move up to 1.3930 and 1.4070.Conversely, 1.3725 and 1.3660 could act as the support zone..
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