© Dukascopy Bank SA
On the highest timeframe pair tested 26th February high around 110.30. On the current 1H chart pair slowed near channel resistance level which has matched with the previous one-month high around 110.30. RSI indicator sup-ports the idea of pair rebound from its resistance level at 110.38. If pair bounces off, the first target for bears can be around 109.63 where the sup-port level stands.
Stochastic indicator is trying to consolidate into triangle because of pair's flat movement during the last few bars. If the pair breaks the resistance level at 110.54, the initial target for bulls may be around 111.23.
© Dukascopy Bank SA