
The pair opened the new week on a bullish note. The pair has immediate resistance found at 1.2160 20Dsma and 1.2190 100Dema. The pair is forming a base at 1.2070 and 1.2000 in the hourly chart. The strong resistance is seen at 1.2350 and bears have the upper hand in the medium term. We expect strong momentum above 1.2205 towards 1.2270 and 1.2300. We expect mild upswing towards 1.2160 and 1.2190. The strong upswing will be available only above 1.2205 towards 1.2300 and 1.2330. Intraday support is found at 1.2090. We recommend selling below 1.2090 with targets at 1.2060, 1.2040, and 1.2010.

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