Though Euro retreated from 1.1234 to low of 1.1113, the rebound seen in Asia from the upper end of the channel suggests the recent bullish tone remains intact and prices could cut through 50-DMA hurdle of 1.1152 and test 1.1181 (38.2% of 1.1616-1.0911), but reckon the resistance would hold due to caution ahead of US non-farm payrolls release.
On the lower side, only a daily closing below 1.1066 (50% of 1.0517-1.1616) would suggest bullish invalidation and open doors for a cut through psychological support at 1.10.
On the lower side, only a daily closing below 1.1066 (50% of 1.0517-1.1616) would suggest bullish invalidation and open doors for a cut through psychological support at 1.10.
