Yesterday the pair continued growing amid weakening in the US Dollar. The American currency is pressured by a low probability of an interest rate increase by the Fed this year as the latest FOMC Minutes showed a unanimous opinion of key committee members to leave the rate unchanged.
Today no important macroeconomic data that could affect dynamics in the pair is expected to be published.
Support and resistance
On the 4-hour chart, the pair is trading in the upper Bollinger band, while bands are directed up and the price range is narrowing. MACD histogram is in the positive zone and its volumes are growing. Stochastic is falling and approaching the border of the oversold zone.
The indicators recommend long positions.
Support levels: 1.1310, 1.1303, 1.1296, 1.1289, 1.1279, 1.1266, 1.1251.
Resistance levels: 1.1328, 1.1339, 1.1348, 1.1355, 1.1364, 1.1370.
Long positions can be opened from current prices with the target at 1.1350 and stop-loss at 1.1310. Validity – 1 day.
Short positions can be opened from the level of 1.1295 with the target at 1.1240 and stop-loss at 1.1315. Validity – 1-3 days.