- The upside momentum in the pair remains well in place so far this week, extending the rebound from May’s lows to the 1.1340 region, where sits the 50% Fibo retracement of the 2019 drop.
- The recent break above the multi-monht resistance line in the 1.1270 region has mitigated the downside pressure, fuelling further the up move.
- That said, the door remains open for a visit to the critical 200-day SMA at 1.1364, regarded as the last defence for a test of the mid-1.1400s, March’s peaks.
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