- Pair witnessed a bullish break from symmetrical triangle as anticipated in Europe today.
- Spot jumped to a high of 1.4695 before trimming gains to trade around 1.4686 (100% Expansion of Feb low-Mar high-April low).
- Pair needs to break above the same, preferably on daily closing basis as that would open doors for a test of inverse head and shoulder neckline level of 1.48 levels.
- Repeated failure to take out 1.4686 in the US session could trigger a bout of profit taking, which is unlikely to push the pair below critical level of 1.4636.
- Nevertheless, traders should note that a day end closing below 1.4636 would signal bulls have lost steam.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.