Friday’s bullish hammer candle followed by a break above 1.2416 (Jan 17 high) in the late Asian session today suggests the spot could take out the sliding trend line resistance 1.2445.
A daily close above 1.2445 would open the doors for a sustained rally to 1.2550 (downward sloping 100-DMA) and possibly to 1.26 levels.
Bearish scenario – Failure at the trend line hurdle followed by a break below Thursday’s low of 1.2253 could yield a sell-off to 1.20 levels.
A daily close above 1.2445 would open the doors for a sustained rally to 1.2550 (downward sloping 100-DMA) and possibly to 1.26 levels.
Bearish scenario – Failure at the trend line hurdle followed by a break below Thursday’s low of 1.2253 could yield a sell-off to 1.20 levels.
