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Current price: 1.1705
Key point: 1.1665
Our preferred strategy: Buy positions above 1.1665 with a first target of 1.1770 and then a second target of 1.1850.
Alternative scenario: Stop loss and trend reversal upon breaking the 1.1640 level, targeting the 1.1640 level.
Technical commentary
The pair is holding above the 200-period moving average on the four-hour timeframe, above the key support levels of 1.1640-1.1665, suggesting a continued rise towards 1.1770 and then 1.1850.
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