On the daily chart, the pair is growing towards the upper MA of Bollinger Bands. The price remains above the EMA130, EMA65 that start turning up. The RSI is growing towards its beginning of the month resistance and remains in the Bullish zone. The Composite, however, is about to test its most recent support. MA’s for both indicators suggest a strength of the market.
On the 4-hour chart, the pair bounced off the middle MA of Bollinger Bands and moving up. The price remains above its moving averages, all directed up. The RSI is moving towards its last week resistance as it reversed in the Bullish zone. The Composite demonstrates similar dynamics.
Support levels: 0.6712 (EMA130), 0.6689 (local lows), 0.6643 (active trade).
Resistance levels: 0.6781 (local highs), 0.6864 (October highs), 0.6986 (June highs).
Long positions can be opened from the level of 0.6788 with the target at 0.6850 and stop-loss at 0.6760. Validity – 1-2 days.
Short positions can be opened below the level of 0.6700 with the target at 0.6645 and stop-loss at 0.6723. Validity – 1-2 days.