On the daily chart, the pair is obstructing the upper MA of Bollinger Bands. The price remains above the EMA130, EMA65 and EMA14 that start turning up. The RSI shows a Bullish behavior making higher highs and higher lows. The Composite is approaching its most recent resistance. MA’s for both indicators suggest a strength of the market.
On the 4-hour chart, the pair keeps breaking out the upper MA of Bollinger Bands. The price remains above its moving averages that turned up and started separating from each other. The RSI is approaching its end of November resistance in the overbought zone. The Composite is about to test its beginning of the week resistance.
Support levels: 2.9408 (active trade), 2.9185 (local lows), 2.9100 (61.8% Fibonacci retracement).
Resistance levels: 2.9511 (local highs), 2.9657 (38.2% retracement for the short-term trend), 3.0043 (23.6% retracement).
Open long positions after the price rebound from the level of 2.9408 with the target at 2.9633 and stop-loss at 2.8350. Validity – 1-2 days.