The pair managed to hold the 20Dsma and to post gains for five days in a row. The pair was rejected exactly from 50Dsma at yesterday’s session.
IMPACT OF EURO: The ZEW Indicator of Economic Sentiment for Germany declines again in August 2015. The index fell by 4.7 points compared to the previous month. The index is August come in at 25.0 points (a long-term average is 24.9 points).
The pair closed and is trading below 20Wsma which seems at 1.1050. The weekly support is found at 1.0840 and 1.0800. Weekly resistance is seen at 1.1050.
The pair has been forming higher highs and higher lows on the h1 chart. But on the four-hour chart, the pair has been facing strong resistance on the descending trend line.
Intraday: Intraday support is at 1.1040, 1.1000, and 1.0960. Resistance seems at 1.1090 and 1.1130. The pair is trading at 1.1060 at today’s Asian session. The pair is likely to make a high between 1.1120 or 1.1150. Bulls must close above 1.1130 to regain a fresh momentum. Until a close above 1.1130, sell on spikes.
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