The pair look constructive on higher daily and weekly timeframe as price is trading
above the Monthly and Yearly Pivot Points (The monthly PP gave good support too
after a test). The end of last week saw a quick move to the previous top at 1.1445 but
failed to take it out, and now price seems to be gravitating to the Weekly Pivot Point
at 1.1384, yet untraded. If price finds support there, it may give buyers another shot
at a move towards the Monthly R1 (higher tf target stands at Yearly R1 as long as price
trades above the Yearly PP, which stands above 1.20). Monthly R1 stands at 1.1535
and Weekly R1 at 1.1455 ( a more narrow target for longs).
A H4 close below Weekly Pivot Point at 1.1384 will put long entries on pause, support by
Daily S1 and Kumo Cloud stands around 1.1370. A sharp move through this level will warn
of a deeper move.
above the Monthly and Yearly Pivot Points (The monthly PP gave good support too
after a test). The end of last week saw a quick move to the previous top at 1.1445 but
failed to take it out, and now price seems to be gravitating to the Weekly Pivot Point
at 1.1384, yet untraded. If price finds support there, it may give buyers another shot
at a move towards the Monthly R1 (higher tf target stands at Yearly R1 as long as price
trades above the Yearly PP, which stands above 1.20). Monthly R1 stands at 1.1535
and Weekly R1 at 1.1455 ( a more narrow target for longs).
A H4 close below Weekly Pivot Point at 1.1384 will put long entries on pause, support by
Daily S1 and Kumo Cloud stands around 1.1370. A sharp move through this level will warn
of a deeper move.