All our upside targets which we predicted in the previous analysis have been hit. The pair remains in an up trend, backed by its ascending 20-period moving average. The nearest support at 151.55 should limit any downward attempts. In addition, the relative strength index is supported by its rising trend line and is also displaying strong bullish momentum.
To conclude, as long as 151.55 is not broken, look for a new bounce to 152.85 and 153.20 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.55 with the target at 151.00
Strategy: BUY, stop loss at 151.55, take profit at 152.85
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot point, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 152.85, 153.20, and 154.00.
Support levels: 151.00, 150.45, and 150.00
The material has been provided by InstaForex Company – www.instaforex.com