On the daily chart, the instrument is growing from the moving average of Bollinger Bands. The indicator is pointed upwards, while the price range has narrowed. MACD is in the positive zone, keeping strong buy signal. Stochastic is reaching the oversold area from above, giving no signal to enter the market.
On the 4-hour chart, the instrument has consolidated above the strong resistance level of 17.00. The next key resistance is the level of 17.06, the breakout of which will let the pair grow to the area of 17.35–17.50. Bollinger® Bands are pointed downwards, while the price range is narrowing, which reflects the reversing of the trend. MACD histogram is in the correction in the negative zone, keeping weak sell signal. Stochastic is reaching the overbought area from below and do not give a clear signal to enter the market.
Key levels
- Resistance levels: 17.06, 17.15, 17.24, 17.32, 17.40, 17.55.
- Support levels: 16.97, 16.84, 16.74, 16.63, 16.50.
Trading Tips
Long positions can be opened above the level of 17.10 with the targets at 17.33, 17.46 and stop loss 16.86. Implementation period: 1–2 days.
Short positions can be opened below the level of 16.84 with the target at 16.50 and stop loss 16.91. Implementation period: 1–2 days.