Weekly chart shows, the spot is trapped between rising trend line drawn from Dec low and Mar low & descending trend line drawn from May high and June high. Both levels are noted at 1.1340 and 1.1185.
Pairs’ rebound from 1.1264 (50% Fibonacci retracement of 1.1616-1.0911) with a rising 10-DMA suggests prices are likely to retest 5-DMA level of 1.13 handle. A day end close above 1.13 today would open doors for re-test of last week’ high of 1.1366.
On the lower side, only a break below 1.1264 on day end closing basis could yield further retreated towards 1.12-1.1144 (50-DMA).
Pairs’ rebound from 1.1264 (50% Fibonacci retracement of 1.1616-1.0911) with a rising 10-DMA suggests prices are likely to retest 5-DMA level of 1.13 handle. A day end close above 1.13 today would open doors for re-test of last week’ high of 1.1366.
On the lower side, only a break below 1.1264 on day end closing basis could yield further retreated towards 1.12-1.1144 (50-DMA).
