The pair breaks below the base of the triangle in the weekly chart. Three consecutive days the pair fell below the base of the triangle, but at the end of the day it closed above the base of the triangle. In yesterday's session, the pair made a low at 134.13 which touches my target at 134.50 to 134.00 (recorded in October 13, 2014 article). But at the end of the day the pair completely erased its losses and closed in positive territory, it represents some value buying for this pair at the lower levels. The support of the pair is at 135.50 Tuesday and Wednesday closing and opening levels. Today the pair opened above the previous close, same as yesterday. On a monthly basis, as of now the pair has broken below the 20Msma, but managed to trade above that. For the positional view, a monthly close below 135.35, on the down side the pair has next nearest support at 132.60 100Wsma and 131.40 100Msma levels.
As of now, today the pair is unable to breach 136.54 levels, we recommend strong buying above 136.54 levels for targets at 137.06 and 137.60. In the h4 chart, the pair has been facing strong resistance at descending trend line. Buyers can start buying above 136.54 and selling, below 135.75.
