On the , the pair is trading on the middle MA of . The price remains above its moving averages that are directed up. The is trying to turn up in the zone above the 50 mark. The Composite is trying to turn up as well.
On the 4-hour chart, the pair is trying to break out the middle MA of . The price remains on the level with its moving averages that are directed horizontally. The is growing having formed a with the price. The Composite developed a larger upward move suggesting limited growth potential in the pair.
Support levels: 1.1357 ( local lows), 1.1219 (end of April lows), 1.1139 (end of March lows).
Resistance levels: 1.1466 (psychologically important level), 1.1532 (February 2015 lows), 1.1602 ( local highs).
Short positions can be opened from the level of 1.1350 with the target at 1.1234 and stop-loss at 1.1385. Validity – 2-3 days.
Long positions can be opened from the level of 1.1476 with targets at 1.1522, 1.1582 and stop-loss at 1.1450. Validity – 2-3 days.