The retreat from the previous day’s high of 1.0720 suggests loss of bullish momentum, despite which the outlook remains bullish as long as the currency pair stays above 1.0654 (Dec 30 high).
A rebound from near 1.0654 followed by a break above 1.0720 would open doors for 1.0770-1.08 levels.
Only a daily close below 1.0654 would signal bullish invalidation, while a close below 1.05 would be an indication that the corrective rally has ended.
A rebound from near 1.0654 followed by a break above 1.0720 would open doors for 1.0770-1.08 levels.
Only a daily close below 1.0654 would signal bullish invalidation, while a close below 1.05 would be an indication that the corrective rally has ended.
