This pair is still at the scene of crime. The last time we wrote about this pair, we were targeting area where we are now. If you look at the monthly chart below you will see big resistance area created by 100 and 55 MMA around 0.7200 which provides enough offers to cap the pair below it. This is the fifth consecutive month that we are closing below it.

Furthermore, the pair is being capped by 200 WMA while the 100 WMA provides support below it near 0.6800. We are now trading comfortably above 61.8% retracement.

If we clear this set of resistance, watch for the test of 78.6% which comes at 0.7500. Support is still 0.68-0.69.
Translate to English Show original