- Pair’s retreat from the early US session high of 1.1165 to 1.1115 if followed by a day end closing below 200-DMA level of 1.1104 levels would add credence to the repeated failure to sustain above 200-DMA seen this week and open doors for a slide to 1.10 handle.
- On the other hand, a daily closing above 200-DMA would suggest the recovery from post Brexit low of 1.0911 has resumed and would establish the minor rising trend line as a strong support.
- Such a move could yield a break above post Brexit high of 1.1181 (38.2% of 1.1616-1.0911) and test of 1.1236 levels.
