The first target which we predicted in yesterday's analysis has been hit. The pair is holding firmly above its support base around 0.9835, and is likely to post a new rebound.
The intraday bullish trend line maintains the strong buying pressure on the prices. Besides, the relative strength index remains above its neutrality area at 50.
To conclude, as long as 0.9835 holds on the downside, the pair is likely to advance to 0.9940 and 0.9970 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 0.9835, Take Profit: 0.9940
Resistance levels: 0.9940, 0.9970, and 1.0015
Support levels: 0.9815, 0.9785, and 0.9730
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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