On the , the pair is correcting down from the middle MA of as it bounced off the top border of a . The price remains below the EMA130 and EMA65, both directed slightly down. The failed to retest its end of December resistance and turned down. The Composite is about to test its longer MA.
On the 4-hour chart, the pair is falling from the upper MA of after it broke out the line few days ago. The price remains on the level with the EMA130 and EMA65 that are horizontal. The bounced off the overbought zone and falling. The Composite is about to test its longer MA. The turned down suggesting short-term buying pressure is falling.
Support levels: 1.0834 (short-term ), 1.0798 (December lows), 1.0708 ( local lows).
Resistance levels: 1.0939 (upper border of the channel), 1.0993 ( local highs), 1.1059 (December highs).
Short positions can be opened from the level of 1.0824 with the target at 1.0743 and stop-loss at 1.0865. Validity – 1-2 days.
Long positions can be opened from the level of 1.0944 with the target at 1.0991 and stop-loss at 1.0926. Validity – 1-2 days.