Current price is above the resistance level around 1.1280,
which has been serving as an important support level from late January to late
February (the cluster area on chart in gray shadow). If the pair can hold
1.1060 and clear the barrier of 1.1280, it could continue the upward momentum
to test 1.1450, and then potentially 1.1680 level.
To the downside, if 1.1280 remains as resistance, it would put
more downward pressure on price. A breakdown below 1.1060 would invalidate the
trading range breakout, and could drive price lower to test 1.0850 and then potentially
1.0660 level.
Note that on May 1, a potential shooting star candlestick
formed right around 1.1280 resistance level, which was a possible weakening
sign. Watch closely the price action against 1.1280 level in the following
trading sessions.
Support levels:
1.1060 (trading range upper border)
1.0850 (April 17 high)
1.0660 (April 21 low)
Resistance levels:
1.1280 (cluster area support)
1.1450 (multiple highs)
1.1680 (January 21 high or 200-day EMA)
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