The price action has been trading in a tight range of 1.1220-1.1570 for last four-months (November 2018-February 2019), The consolidation last extended to the same-months on December 2016-March 2017 followed by a big break higher. This time we are not expecting a big break higher unless the rate differential supports.
Well the daily RSI lacks the conviction to move higher, and the oscillator has turned bearish. These settings suggest a continuation of range trading again in this week.
On Monday, March 04 the price was rejected at the major moving averages 50MA and 100MA that are placed between 1.1380-1.1390, suggesting strong resistance zone on the higher side. Ahead of the ECB meeting (March 07) sustained trade above 50MA-100MA will resume the up move taking the single currency higher towards the next crucial resistance 1.1440.
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