Our first upsdie target placed at 0.7310 has been hit. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index advocates for a further upside.
To conclude, as long as 0.7290 holds on the downside, look for a rebound to 0.7345 (the high of September 18). A break above this level would trigger another advance to 0.7370.
The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines is showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7345, 0.7345, and 0.7370
Support levels: 0.7275, 0.7245, and 0.7180
The material has been provided by InstaForex Company – www.instaforex.com