We remain cautious at the key resistance at 1.1370 ahead of the 1.1400 its 100MA. A break of these last barriers would give an impulse move higher, paving the way for a more pronounced rally to the next resistance at 1.1440 ahead of the 1.1500.
The supports stand at 1.1310/1.1290 and 1.1230.
An interesting fact is, the price has printed a first higher low pattern(H4-chart) in three weeks. Turning to the daily indicators, the oscillator has been remaining bullish, but the RSI lacks conviction. These latest technical developments, along with the weaker USD have altered the risk-reward setup compared to a week ago.
View: As long as 1.1315 is supporting, we could expect a break higher through 1.1370.
The supports stand at 1.1310/1.1290 and 1.1230.
An interesting fact is, the price has printed a first higher low pattern(H4-chart) in three weeks. Turning to the daily indicators, the oscillator has been remaining bullish, but the RSI lacks conviction. These latest technical developments, along with the weaker USD have altered the risk-reward setup compared to a week ago.
View: As long as 1.1315 is supporting, we could expect a break higher through 1.1370.