Last month Sept 2013 , was one of the most critical months during 2013 , the pair maintained a bullish momentum , printed a new support at 1.3104 levels, also another support was confirmed at the 1.2745 levels ,However ; this development leaves the pair targeting the 1.3710 levels where a breach is likely , If seen , It will target the 1.3870 levels , a breach will pave the way towards the 1.4025/1.4375 levels, further upside will aim the 1.5000 levels.
On the downside, support comes at the 1.3104 levels, losing this level on a monthly closing basis will open the 1.2745 levels, to reverse risks to the downside , the pair will have to hold below the 1.2745 levels on a monthly closing basis, If seen , it will target the 1.2000 levels.
In all the pair will remain biased to the upside with risk towards the 1.3710/1.3870 levels ahead of the 1.4025/1.5000 levels as long as the 1.2745 levels hold on a monthly closing basis.
Support and resistance levels (Monthly) : 1.2042 , 1.2745 , 1.3104 , 1.3283 , 1.3710 , 1.3870 , 1.4025 , 1.4375 , 1.4866 , 1.4940 , 1.5140
Trend Strength (Monthly Chart):
Bullish : above 1.3104
Neutral : below 1.3104
Bearish : below 1.2745