Resistance - 1.1361, 1.1397, 1.1446
Support - 1.1301-1.1286, 1.1236, 1.12
Pair's minor recovery from larger rising trend line (drawn from March 2015 low-April 2015 low and extended) on Friday followed by a bounce from daily 50-SMA level of 1.1301 indicates prices are likely to test daily 5-SMA of 1.1361. A violation there would expose 1.14 levels.
However, daily RSI turned bearish on daily time frame and could restrict gains in the pair around 1.1360 levels.
On the lower side, only a daily closing below 1.1286 would indicate continuation of fall from the recent high of 1.1616 and expose 1.12 handle.
Support - 1.1301-1.1286, 1.1236, 1.12
Pair's minor recovery from larger rising trend line (drawn from March 2015 low-April 2015 low and extended) on Friday followed by a bounce from daily 50-SMA level of 1.1301 indicates prices are likely to test daily 5-SMA of 1.1361. A violation there would expose 1.14 levels.
However, daily RSI turned bearish on daily time frame and could restrict gains in the pair around 1.1360 levels.
On the lower side, only a daily closing below 1.1286 would indicate continuation of fall from the recent high of 1.1616 and expose 1.12 handle.
