Technical observation
Since its last correction to the supportive zone 111.82-111.61, the pair on the daily chart above only rose for two consecutive days and is currently rallying towards the zone 111.82-111.61,I expect a rejection of it within the zone for bullish momentum of price towards 114.51 and a possible breach above it for a further rise in price. Wait for the correction to the above mentioned zone then pick long positions within it with your take profit at 114.51 and stop loss around 110.68.Right now only long positions can be advisable for the pair on the chart above, short positions may only be ideal below 111.82-111.61 towards 108.73.
Technical levels
Resistance levels
R1.112.67
R2.112.82
R3.113.13
Pivot
112.53
Support levels
S1.112.36
S2.112.2
S3.111.89
Trade signal
Buy USD within 111.82-111.61 with your take profit at 114.51 and stop loss around 110.68.
Origin: FreshForex
