On the daily chart, the pair is trading just underneath its long-term trendline and in the upper Bollinger band. The price remains on the level with the EMA130 and EMA65, both directed horizontally. The RSI turned up as it failed to retest its longer MA. The Composite shows identical dynamics. The pair is in consolidation.
On the 4-hour chart, the pair is growing towards the upper MA of Bollinger Bands as it broke out the middle MA of the indicator. The price remains above its moving averages that turned up. The RSI is testing its MA’s as it failed its strong support above the 40 mark. The Composite is about to break out its MA’s.
Support levels: 0.6592 (December lows), 0.6561 (local lows), 0.6483 (active trade)
Resistance levels: 0.6747 (local highs), 0.6828 (61.8% Fibonacci retracement), 0.6881 (December highs).
Short positions can be opened from the level of 0.6560 with the target at 0.6485 and stop-loss at 0.6595. Validity – 1-2 days.
Long positions can be opened from the level of 0.6755 with targets at 0.6828, 0.6861 and stop-loss at 0.6707. Validity – 1-2 days.