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- Break out level- 1.6375 (trend line joining 1.6213 and 1.6320)
- The pair has broken a major support 1.6375 and declined till 1.63469. It is currently trading at 1.63580.
- Any break below trend line support confirms short term weakness, a decline till 1.6300/1.6240 is possible
- On the higher side the resistance is around 1.6400 and break above will take the pair to new level around 1.6450/1.6500.
- The minor resistance is around 1.6380.
- Overall trend reversal only above 1.6550
It is good to sell on rallies around 1.6380 with SL around 1.6406 for the TP of 1.6300/1.6245
R1-1.6380
R2-1.6405
R3-1.6450
Support
S1- 1.6350
S2-1.6300
S3-1.6240
