Meanwhile in the short term we are expecting the currency pair to have some corrections. As per RSI and other few indicators the currency pair seems to in the overvalued range and gives us a single of some correction in the short term after a straight long run in the upward direction for the past few weeks.
The currency pair is also moving near its strong resistance of 1.3600 & 1.3636 and may start depreciating from these levels. So we need to be very careful and watchful around these levels along with the major important news that may affect the currency pair. As per our analysis, we are expecting the currency pair to depreciate from its current levels in the short term.
Resistance: 1.3600, 1.3636 1.3834, 1.4055
Support: 1.3231, 1.3040, 1.2772, 1.2651
So as per the technical analysis our strategy for the coming week should be:
Sell at 1.3636, Stop at 1.3671 and Target at 1.3600, 1.3315, 1.3282, 1.3251, 1.3231
Buy above 1.3700, Stop at 1.3665 and Target at 1.3834, 1.4055
Sell below 1.3575, Stop at 1.3610 and Target at 1.3315, 1.3282, 1.3251, 1.3231
Buy above 1.3640, Stop at 1.3600 and Target at 1.3695, 1.3834, 1.4055