The pair is trading near a 9-month low. After the yesterday data again the pair was pushed towards the previous low, but held above that. The pair has support at 1.333, below this, 1.33/1.3295 is the major support level. As we have already mentioned in our previous article (Monday), the pair opened its trading higher with bearish bias. The same strategy is still pushing the pair towards support levels. Until the pair trades above 1.3410 this week, the pair is still looking for strong support for a corrective bounce.
The intraweek trading pattern is framed between 1.333-1.3410. On the north side, if it breaches 1.3410, it can fly up to 1.3444 max this week.
Support 1.333 1.3295 1.3250
Resistance 1.3410 1.3444 1.3480
On a broader picture, the pair has managed to close above 100WSma for 3 weeks. Hope next week, we will get a one side direction either 1.3295-1.3250-1.3210 or 1.3444-1.35. We need to wait for this weeks closing price. Please wait for a corrective up move and sell again.
Fresh selling is only below 1.333 or 1.3295.
