Price action has broken out of daily cloud raising scope for further gains.
Technical indicators support upside in the pair. We evidence on and Stochs.
Price has broken above 23.6% Fib and next immediate resistance lies at 38.2% Fib at 1.1498 ahead of 200-DMA at 1.16.
On the flip side retrace below cloud will see test of 55-DMA at 1.14. Breach at support at 1.1350 negates bias.
Support levels - 1.1431 (5-DMA), 1.14 (55-EMA), 1.1378 (23.6% Fib), 1.1350 (
Resistance levels - 1.1498 (38.2% Fib), 1.1600 ( 200-DMA )
Good to go long on dips, SL: 1.14, TP: 1.1495/ 1.16