Euros came lower, but held support and this gave the market another boost towards 10960/67...Currently trading around 10953 we still have to be aware of this 10960/70 resistance because unless this resistance breaks we still have the topping pattern on the 60 min charts and we the 50% med term fib level....
Now the daily charts are bullish for this pair however as you would expect short term we are looking to be overbought...so unless we move swiftly above, and hold above 10975 there will be a correction as Europe opens...We would expect correction again to hold the 10875/65 support and there could well be buyers in at these lower levels...
We are sitting above the daily pivot at 10920, so use this as a guide this morning to whether we break lower...overnight lows have been down to here..so we see why this would be a short term indicator to price movement...Above 10975 and we see 11035...Below 10860 leaves 10830 then 10790 targeted.
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