Euro’s bullish hammer candle on Wednesday and a bullish follow through on Thursday suggest the pull back from the high of 1.0829 has ended and the pair could revisit the downward sloping 100-DMA at 1.0747 in the next few days. The daily chart also shows a rising bottom formation, which increases the odds of the pair forming an inverse head and shoulder formation.
Dips to 5-DMA could see fresh bids. Only a daily close below 50-DMA at 1.0616 would suggest bullish invalidation.
Dips to 5-DMA could see fresh bids. Only a daily close below 50-DMA at 1.0616 would suggest bullish invalidation.