Pattern formed –Big M Pattern
Major support -1.9870 (Jan 29th 2016 low)
The pair has broken major support 1.9870 and declined till 1.9845. It is currently trading around 1.9863.
Short term trend is weak as long as resistance 1.9890 holds. Any break above 1.9890 will take the pair to next level 1.9940/1.9980.
Overall bearish invalidation only above 2.00 level.
On the lower side any break below 1.9870 will drag the pair till 1.9800/1.9725.
It is good to sell on rallies around 1.9855-1.9860 with SL around 1.9900 for the TP of 1.9800/1.98725.
Major support -1.9870 (Jan 29th 2016 low)
The pair has broken major support 1.9870 and declined till 1.9845. It is currently trading around 1.9863.
Short term trend is weak as long as resistance 1.9890 holds. Any break above 1.9890 will take the pair to next level 1.9940/1.9980.
Overall bearish invalidation only above 2.00 level.
On the lower side any break below 1.9870 will drag the pair till 1.9800/1.9725.
It is good to sell on rallies around 1.9855-1.9860 with SL around 1.9900 for the TP of 1.9800/1.98725.