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We committed ourselves to the intraday neutrality during the previous analysis, indicating that we are waiting to confirm the breach of the resistance level of 1.1885, and then 1.1925 to enhance the chances of an advance towards 1.1975, to record the highest level during the previous session at 1.1955.
Technically, and with a closer look at the hourly chart, we find the 50-day moving average returned to hold the price from below, accompanied by the positive signs coming from the RSI.
Therefore, with the success of the pair building on the support floor of 1.1885, a correction of 61.80%, this encourages us to keep our positive outlook towards the required target of 1.1975 a correction of 50.0% as shown on the chart, bearing in mind that trading above 1.1975 may extend the pair’s gains so that the way is open directly towards 1.2000/1.2020.
The breach of the aforementioned support level 1.1885 and the most important 1.1860 will immediately stop the attempts to rise, and we witness negative pressure on the pair to target 1.1800.
| S1: 1.1880 | R1: 1.1980 |
| S2: 1.1840 | R2: 1.2020 |
| S3: 1.1800 | R3: 1.2065 |
