The pair took the support at the 1.35 level and moved to 1.37 levels, but it made a monthly resistance at the 1.37 level. The bulls must break the 1.37 levels as soon as they can come out of the range. If it happens, then we can see a new range of the 1.3775-1.3575 levels, currently it is between the 1.37-1.35 levels. Currently, the pair is facing strong resistance at 50-week Sma at 1.3615 and 200-day Ema at 1.3617. We expect a strong upwards move to 1.3662 and 1.37. The level of 1.37 means strong resistance, above which we can consider the 1.3775 levels.
On the down side, there is a strong support zone 1.36 and 1.3574. Until the pair holds 1.3574, we can see 1.37 and 1.3775 levels. Positional traders can buy on a dip with sl 1.3540 for an upside target at 1.37 and 1.3775. The pair will gain more strength above 1.3625 levels.
Nutshell - cmp 1.3612
Risky - Buy with sl 1.3575 target 1.3660, 1.37, and 1.3775
Buying zone 1.36 - 1.3575 sl 1.3640
