The cross probably made a double bottom between 1.3735 and 1.3685 changed the direction towards north. The cross is trading at 1.4325 compared to 1.4352 during Tuesday's session. The strong resistance is seen at 1.4450. Fresh buying is expected above 1.4450 with a target at 1.4580. Intraday resistance is seen at 1.4350 and 1.4391. At yesterday's session, the cross took the support at 100Dema 1.4210, 1.4195 20Wsma was found below this. In the hourly chart, the cross made a double top at 1.4405. Intraday support is found at 1.4270 and 1.4240. Ahead of a series of economic data from the eurozone, we expect positive readings. The ECB is likely to maintain the interest rates unchanged. The ECB wants to lower the euro.
For bears- The cross has been forming a multi top between 1.4405 and 1.4391. On the downside, intraday bulls' fate remains at 1.4230 and 1.4190. Sell opportunity will arise below 1.4180 with targets at 1.4150, 1.4130, and 1.4080. Panic will be triggered below 1.4080 towards 1.3960 and 1.3920. In case the level of 1.4210 is taken, bears will aim at 1.4160 immediately.
For bulls- Buying opportunity is seen above 1.4350 with targets at 1.4370, 1.4390, and 1.4400. An hourly candle is likely to close above 1.4405 with an immediate target at 1.4450 and at 1.4480 later. Until the cross holds 1.4210, bulls will aim at 1.4480 and 1.4580 in the near term.
Bunch of support levels:
100Dema- 1.4210, 20Wsma 1.4197, 20Dsma 1.4170, 50Dsma 1.4080
Resistance: 1.4330, 1.4390-1.4405, 1.4450