Candlestick pattern formed – Shooting star (4 hour chart)
The pair has shown a trend of bullishness for the past one month from the low of 112.58 made on Jun 14th 2017. It hits high of 118.60 yesterday and is currently trading around 118.30.
Technically the pair is facing major support around 117.80 (4H Kijun-Sen) and any break below confirms minor weakness. Any break below will drag the pair down till 117.30/116.22 (100- 4H MA).
In the 4H chart, the pair has formed bearish divergence in RSI and MACD. So a minor dip till 117.30 is possible.
On the higher side, 118.60 will be acting as major resistance and any break above will take the pair till 119.25/120 in the short term.
It is good to sell on rallies around 118.55-118.60 with SL around 119.25 for the TP of 117.80/117.30
The pair has shown a trend of bullishness for the past one month from the low of 112.58 made on Jun 14th 2017. It hits high of 118.60 yesterday and is currently trading around 118.30.
Technically the pair is facing major support around 117.80 (4H Kijun-Sen) and any break below confirms minor weakness. Any break below will drag the pair down till 117.30/116.22 (100- 4H MA).
In the 4H chart, the pair has formed bearish divergence in RSI and MACD. So a minor dip till 117.30 is possible.
On the higher side, 118.60 will be acting as major resistance and any break above will take the pair till 119.25/120 in the short term.
It is good to sell on rallies around 118.55-118.60 with SL around 119.25 for the TP of 117.80/117.30