We see a formation at highs on the which raises scope for retrace.
Technical indicators support upside in the pair. Price action is above major EMAs.
The pair has broken above 100-DMA at 1.1003 and we see weakness on retrace below.
is above 50 levels and rising. Stochs also show momentum.
Breakout at major resistance at 1.1055 could see test of 1.1119 (61.8% Fib retrace of 1.1290 to 1.0844 fall).
Support levels - 1.1003 ( 100-DMA ), 1.0972 (5-DMA), 1.0954 ( 20-DMA )
Resistance levels - 1.1055 (major ), 1.1075 (cloud top), 1.1119 (61.8% Fib retrace of 1.1290 to 1.0844 fall)
Good to go long on breakout at 1.1055, SL: 1.10/ TP: 1.11/ 1.1120/ 1.1140