Yesterday, the pair rebounded perfectly from the lower trend and is currently developing a momentum to the upper side. During this intraday, we expect a possible rally to the upper side but should not go beyond the resistance level 1.4111, Any clear breakout above this level may push the price further to the upper side with the next ideal target at 1.4241. This view can only be invalidated in case the pair end up breaking below the lower trend line, if the latter is the case, then we expect a possible acceleration to the lower side. Trade this pair alongside USD/ZAR, these pairs will have a similar price action during this intraday.
Trade Recommendation:
Expect a possible bullish price rally towards 1.4111.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
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Bob Stan
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