The pair is trading with a mixed bag of signals in different time frames. In Asia's trading session the pair is trading at 1.6531. In the hourly chart H4, RSI is giving a buy signal and the pair is facing immediate resistance at 1.6539. If the pair trades above this level, we recommend to buy this pair for targets at 1.6560 and 1.6583. Whereas the level 1.6583 is the major resistance level, above this it will fly up to 1.6650 and 1.6718. On the downside, if the pair breaks the level of 1.6515, it will fall to 1.6481 and 1.6465.Whereas 1.6465 is crucial for bulls, a break below it will push the pair to 1.6383,1.6252, and 1.6180.
Weekly basis-
If the pair breaks and closes below the levels of 1.6465-1.6417, the red flag will be hoisted in the near term towards 1.6252, 1.62, and 1.6. Weekly momentum indicators are giving a sell signal.
