After making a false breakout at the trendline, the pair rose steeply.
Now, it is at a strong supply zone, owing to which price has reversed in the near-term.
Also, the RSI indicator is perched at the 70 level mark.
Hence, a profit booking rally is imminent in the counter if at all a trend reversal.
The next support zones are the price action support at 111.399 and the ascending trendline. Traders can expect a swift rally to any of these zones.
Now, it is at a strong supply zone, owing to which price has reversed in the near-term.
Also, the RSI indicator is perched at the 70 level mark.
Hence, a profit booking rally is imminent in the counter if at all a trend reversal.
The next support zones are the price action support at 111.399 and the ascending trendline. Traders can expect a swift rally to any of these zones.