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All our targets which we predicted in yesterday's analysis have been hit. The pair managed to break above its previous key resistance at 151.70, which should now play a support role. Both the 20-period and 50-period moving averages are heading upward now, without showing any reversal signal. Besides, the relative strength index is bullish and calls for a new upleg.
To conclude, as long as 151.70 is not broken, look for a new rise to 154 and 154.55 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.70 with the target at 151.10
Strategy: BUY, Stop Loss: 151.70, Take Profit: 154.00
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 154.00, 154.55, and 155
Support levels: 151.10, 150.60, and 150
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