Resistance is at 1.219-1.256
It is also the supply zone.
Recent peak of 1.235 was formed and reacted
towards the 23.6% retracement of the
rise from 1.063 to 1.235.
Support is at 1.192.
Further correction is below 1.192
to test 38.2% retracement or below.
It looks to be long term
(a)(b)(c) structure.
A (c) structure may have opened up.
Correction can be ii of (c) to eventually
cross the resistance at some point of time.
When ever breakout above 1.235 is witnessed then expect
rally towards 1.289-1.428
or test 38%/50%/61.8% pullback of the historical fall
from 1.60 to 1.03 as shown in the chart.
It is also the supply zone.
Recent peak of 1.235 was formed and reacted
towards the 23.6% retracement of the
rise from 1.063 to 1.235.
Support is at 1.192.
Further correction is below 1.192
to test 38.2% retracement or below.
It looks to be long term
(a)(b)(c) structure.
A (c) structure may have opened up.
Correction can be ii of (c) to eventually
cross the resistance at some point of time.
When ever breakout above 1.235 is witnessed then expect
rally towards 1.289-1.428
or test 38%/50%/61.8% pullback of the historical fall
from 1.60 to 1.03 as shown in the chart.