Hourly chart pattern – sideways channel
Channel resistance – 1.4465
Channel support – 1.4395
A safe bet would be to wait for a breakout and play accordingly.
However, if we look at the hourly chart, the odds of an upside break appears likely given the pair has finally managed to sustain above hourly 50-MA. This coupled with hourly RSI at 56.00 could result in a rally to 1.4532 (hourly 200-MA).
Hence, bulls may not want to wait for an hourly closing above 1.4465 and may jump in at a first break.
On the lower side, breach of 1.4395 would expose daily 100-SMA at 1.4367, under which rising trend line support at 1.4345 could be challenged.
Channel resistance – 1.4465
Channel support – 1.4395
A safe bet would be to wait for a breakout and play accordingly.
However, if we look at the hourly chart, the odds of an upside break appears likely given the pair has finally managed to sustain above hourly 50-MA. This coupled with hourly RSI at 56.00 could result in a rally to 1.4532 (hourly 200-MA).
Hence, bulls may not want to wait for an hourly closing above 1.4465 and may jump in at a first break.
On the lower side, breach of 1.4395 would expose daily 100-SMA at 1.4367, under which rising trend line support at 1.4345 could be challenged.