Despite pair’s sharp recovery from the low of 1.1104 on Friday, the subsequent failure at 1.1202 on Monday and a pull back to 1.1118 suggests the odds of a bearish break below 1.11 are high as also indicated by the falling tops formation on the daily chart.
Breach of 1.11 could yield a quick fire drop to 1.1040 (falling trend line support).
On the higher side, only a daily close above 1.1235 (trend line hurdle) would signal fresh bullish move.
Breach of 1.11 could yield a quick fire drop to 1.1040 (falling trend line support).
On the higher side, only a daily close above 1.1235 (trend line hurdle) would signal fresh bullish move.
