- Spot recovered from the knee-jerk to the 1.1690 region on Tuesday and returned to the 1.1720 region, where sits the 23.6% Fibo retracement of the April-May drop.
- While above the 10-day SMA (1.1686) and the 21-day SMA (1.1656), another visit to recent tops in the 1.1800 first and then an attempt to the critical hurdle in the mid-1.1800s is not ruled out.
- However, failing to test the vicinity of the 1.1800 handle in the near term should open the door for a consolidation phase and further loss of upside momentum.
- In this scenario, the 1.1530 region should be back on the radar ahead of 2018 lows in the 1.1500 neighbourhood.
Daily high: 1.1747
Daily low: 1.1723
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