On the , the pair is trading in the lower . The price remains below its moving averages that are directed down. The is about to retest its longer MA. The Composite is growing towards its longer MA as well.
On the 4-hour chart, the pair is trading on the middle MA of . The price remains below its moving averages that are turning down. The is turning down towards its longer MA. The Composite is testing its .
Support levels: 100.09 ( local lows), 99.61 (50% ), 96.86 (October 2013 lows).
Resistance levels: 102.96 ( local highs), 104.14 (September highs), 105.25 ( ).
The price is consolidating between its descending and 61.8% fan line and .
Long positions can be opened from the level of 102.96 with targets at 104.14, 105.25 and stop-loss at 102.23. Validity – 3-4 days.
Short positions can be opened from the level of 99.61 with the target at 96.86 and stop-loss at 100.19. Validity – 3-4 days.