At the moment the pair has moved away from its four-month high and we are watching the beginning of a descending movement.
Against the backdrop of many political grounds, we can argue that at the moment we do not expect further growth of the dollar in this currency pair. This is also confirmed by technical indicators, which also indicate a downward movement.
In addition, the price is trying to gain a foothold under the resistance level at 38.2 Fibo 0.9775. After the body of the price candles is fixed, it is expected that the price will be tested at this level once again and a further downward movement will occur.
This is why our advice is to look for points to enter short positions in the area of support levels and set the Take Profit near the resistance levels.
Support and resistance levels:
0.9800
0.9775
0.9720
0.9680
0.9650
