On the daily chart, the pair is correcting down to the middle MA of Bollinger Bands. The price remains just above its moving averages that start turning up. The RSI is falling as it failed to retest its last week’s resistance. The Composite is growing and is about to test its longer MA.
On the 4-hour chart, the pair is falling towards the middle MA of Bollinger Bands. The price remains above the EMA130 and EMA65, both directed horizontally. The RSI is moving down towards its longer MA and yesterday’s support level. The Composite is also falling towards its longer MA.
Support levels: 3.1710 (middle MA of Bollinger Bands on the daily chart), 3.1601 (active trade), 3.1430 (local lows).
Resistance levels: 3.2086 (61.8% Fibonacci retracement), 3.2602 (50% retracement), 3.2816 (local highs).
Open short positions from current levels with targets at 3.1710, 3.1621 and stop-loss at 3.2096. Validity – 1-2 days.
Long positions can be opened above the level of 3.2602 with the target at 3.2806 and stop-loss at 3.2513. Validity – 1-2 days.