Major resistance- 1.0550 (support turned into resistance)
Major support – 1
The pair declined drastically yesterday till 0.99961 and shown a minor pull back from that level. It is currently trading around 1.00189.
Short term trend is still bearish as long as resistance 1.00550 holds.
Any violation above 1.00550 will take the pair to next level till 1.00832 (61.8% retracement of 1.01364 and 0.99965)/1.01365 (Jan 16th High).
On the lower side any close below 1 confirms that jump from 0.9549 till 1.03435 got over and a decline till 0.9950/0.9820 is possible.
It is good to sell on rallies around 1.0020-1.00225 with SL around 1.0060 for the TP of 0.9950/0.9900
Major support – 1
The pair declined drastically yesterday till 0.99961 and shown a minor pull back from that level. It is currently trading around 1.00189.
Short term trend is still bearish as long as resistance 1.00550 holds.
Any violation above 1.00550 will take the pair to next level till 1.00832 (61.8% retracement of 1.01364 and 0.99965)/1.01365 (Jan 16th High).
On the lower side any close below 1 confirms that jump from 0.9549 till 1.03435 got over and a decline till 0.9950/0.9820 is possible.
It is good to sell on rallies around 1.0020-1.00225 with SL around 1.0060 for the TP of 0.9950/0.9900
