The pair has rebounded from daily lows 1.3140 hit earlier after the release of US jobs data, currently the pair is trying to approach resistance level at 1.3215. 1.3100 level is a strong support zone and is set to defend against the bears. The pair is expected to continue its bullish bias further, as long as the pair trades above 1.3065 levels. Therefore, its good to buy this pair on dips.
- The currency pair is trading at 1.3166 levels, the immediate support can be seen at 1.3140, break below this level will expose the pair to next support level at 1.3100.
- Strong resistance can be seen at 1.3215, break above this level will expose pair to 1.3280 levels .
Recommendation: Go long above 1.3100 with targets at 1.3180, 1.3240 SL 1.3000.
Resistance Levels
R1: 1.3215 (38.2% Retracement level)
R2: 1.3278 (Oct 28th high)
R3: 1.3310 (23.6% Retracement level)
Support Levels
S1: 1.3140 (July 29th high)
S2: 1.3100 (Psychological levels)
S3: 1.3065(61.8% Retracement level)
