On the daily chart, the pair is growing along the upper MA of Bollinger Bands regularly breaking out the line. The price remains above the EMA130, EMA65 and EMA14 that start turning up. The RSI broke out its most recent resistance and slowly growing. The Composite, however, start turning down. MA’s for both indicators suggest a strength of the market.
On the 4-hour chart, the pair is growing along the upper Bollinger band. The price remains above its moving averages that are all directed up. The RSI is flat as it failed its longer MA on Monday. The Composite failed to break down its MA’s and turned up. Both indicators formed a Bearish divergence with the price earlier.
Support levels: 3.1615 (active trade), 3.1530 (local lows), 3.1374 (EMA130 on the daily chart).
Resistance levels: 3.1820 (local highs), 3.1951 (61.8% Fibonacci retracement), 3.2320 (end of October highs).
Long positions can be opened from the level of 3.2040 with the target at 3.2305 and stop-loss at 3.1935. Validity – 1-2 days.
Short positions can be opened from the level of 3.1515 with the target at 3.1390 and stop-loss at 3.1566. Validity – 2-3 days.