Major resistance – 113.05
Major support – 112
The pair has broken major support of 112 previous week and closed well below that level. It is currently trading around 111.26.
On the lower side any weekly close below 112 will drag the pair down till 110.25 (38.2% retracement of 101.73 and 115.51)/109.85.
The next immediate resistance is around 111.85 (55- day EMA)/112.12 (23.6% retracement of 115.51 and 111.11)/113.26 (100 –day EMA).
Overall bearish invalidation only above 115.51.
It is good to sell on rallies around 111.25-111.30 with SL around 112.05 for TP of 110.25/109.85
Major support – 112
The pair has broken major support of 112 previous week and closed well below that level. It is currently trading around 111.26.
On the lower side any weekly close below 112 will drag the pair down till 110.25 (38.2% retracement of 101.73 and 115.51)/109.85.
The next immediate resistance is around 111.85 (55- day EMA)/112.12 (23.6% retracement of 115.51 and 111.11)/113.26 (100 –day EMA).
Overall bearish invalidation only above 115.51.
It is good to sell on rallies around 111.25-111.30 with SL around 112.05 for TP of 110.25/109.85
