All our upside targets which we predicted in yesterday’s analysis have been hit. Despite the recent pullback from 0.7030 (the high of December 13), the pair is still trading above the key support at 0.6975. Even though the continuation of consolidation cannot be ruled out, its extent should be limited.
Hence, as long as 0.6975 is not broken, we are cautious with up targets at 0.7050 and 0.7075 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines are 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: 0.7050, 0.7075, and 0.7105
Support levels: 0.6945, 0.6920, and 0.6885
The material has been provided by InstaForex Company – www.instaforex.com