FXstreet.com (Barcelona) - The pair has extended its impressive rally Monday, helped by the strength of the greenback. While the specter of risk has haunted investors, the greenback has sparkled during the European session. After its violent rise during the Asian session (0.9862 daily max), the pair has retreated slightly to a new comfort zone, trading in the area of 0.9853.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “Overall the bulls remain in play, as the pair undergoes corrective action, on overbought 4h chart conditions. Initial support at 0.9800 zone, so far contains dips, however, descending indicators on 4h chart do not rule out further correction.”
The cross is currently advancing steadfastly at a rate of +0.66% above its opening price. Slobodan Drvenica confirms the next short-term resistances at 0.9868, followed by 0.9871, and then 0.9900. In contrast, supportive measures are identified in 0.9807, 0.9784, and finally 0.9765.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “Overall the bulls remain in play, as the pair undergoes corrective action, on overbought 4h chart conditions. Initial support at 0.9800 zone, so far contains dips, however, descending indicators on 4h chart do not rule out further correction.”
The cross is currently advancing steadfastly at a rate of +0.66% above its opening price. Slobodan Drvenica confirms the next short-term resistances at 0.9868, followed by 0.9871, and then 0.9900. In contrast, supportive measures are identified in 0.9807, 0.9784, and finally 0.9765.
