Fresh bulls probe through key barrier

Slobodan Drvenica Windsor Brokers

The cross accelerated higher on Monday and probes through key barrier at 0.8932 (11 June high, the highest since mid-Jan), signaling an end of shallow 0.8932/0.8871 correction, which was contained by rising 10SMA.
Bulls enter seventh straight week of being firmly in play that additionally underpins the action.

Fresh bullish momentum and daily MA remaining in firm bullish configuration, add to the outlook.

Bulls look for close above 0.8932 to attack next pivotal barrier at 0.8962 (Fibo 76.4% of 0.9113/0.8471) that would expose psychological 0.90 barrier.

Overbought RSI requires caution, though, no firmer signal seen for now.

Bullish bias to remain intact while the price holds above rising 10SMA (0.8892).

Res: 0.8962; 0.9000; 0.9061; 0.9087
Sup: 0.8919; 0.8892; 0.8868; 0.8857

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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