The currency pair is trading in the range of 365 and 135 moving averages. The support level of 124.18 is holding back sellers. Awesome Oscillator indicates a bullish divergence, while Stochastic Oscillator signals an oversold condition.
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The support level of 328.40 deters sellers. A downward truncated pattern has formed, it ended with a breakout of the inclined channel. Awesome Oscillator indicates a bullish divergence. A breakout of 333.20 will result in the formation of an ascending wave pattern.
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The pair remains in a short-term uptrend amid the chronically weaker US dollar. From a technical point of view, it’s located at a kind of a bifurcation point, when it can continue to drop after breaking the support line or turn up and resume the upward trend.
Technical side: …
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