On the daily chart, the pair is growing from the lower MA of Bollinger Bands. The price remains above the EMA130, but below the EMA65, both horizontal. The RSI failed its beginning of February support just above the oversold zone and growing. The Composite is about to turn up as well.
On the 4-hour chart, the pair is testing the middle MA of Bollinger Bands. The price remains below the EMA130 and EMA65 that are directed down. The RSI is turning up towards its most recent resistance. The Composite is growing towards its resistance as well.
Support levels: 1.3638 (local lows), 1.3457 (September 2015 highs), 1.2831 (October 2015 lows).
Resistance levels: 1.4032 (1997 and 2004 highs), 1.4110 (beginning of February highs), 1.4326 (end of January highs).
Long positions can be opened from the level of 1.4050 with targets at 1.4110, 1.4275 and stop-loss at 1.3960. Validity – 2-3 days.
Short positions can be opened from the level of 1.3630 with the target at 1.3477 and stop-loss at 1.3704. Validity – 2-3 days.