On the daily chart, the pair is trading underneath the middle MA of Bollinger Bands and is testing its ascending trendline from below. The price remains between the EMA130 and EMA65, both horizontal. The RSI is about to test its longer MA. The Composite is testing its end of January resistance. The indicator has formed a divergence with the RSI suggesting a fall in the price.
On the 4-hour chart, the pair is trading on the middle MA of Bollinger Bands. The price remains between the EMA130 and EMA65 that turned horizontally. The RSI turned up in the Bullish zone at 50 mark. The Composite turned up as well. MA’s for both indicators suggest a weakness of the market.
Support levels: 0.9885 (local lows), 0.9851 (December lows), 0.9726 (active trade).
Resistance levels: 0.9967 (local highs), 1.0104 (active trade), 1.0250 (beginning of February highs).
Short positions can be opened from the level of 0.9875 with the target at 0.9774 and stop-loss at 0.9905. Validity – 1-2 days.
Long positions can be opened from the level of 0.9980 with the target at 1.0094 and stop-loss at 0.9945. Validity – 1-2 days.