Pair is fast approaching 50-DMA level stationed around 1.06 handle. A break lower appears likely given the RSI has breached 50.00 levels and the MACD has turned bearish.
However, bears should not get too ambitious as long as the the spot stays above 1.05... as the rebound from 1.05 could end up as right shoulder of the inverse head and shoulder formation with neckline resistance at around 1.08
Stay tuned...
However, bears should not get too ambitious as long as the the spot stays above 1.05... as the rebound from 1.05 could end up as right shoulder of the inverse head and shoulder formation with neckline resistance at around 1.08
Stay tuned...
