Resistance – 108.38, 108.72, 108.92-109.00
Support – 107.97-107.92, 107.50, 107.00
Support – 107.97-107.92, 107.50, 107.00
- Pair is attempting to chew through strong resistance at 108.38 (falling trend line on daily + 100% Fib expansion), which if achieved shall open doors for 108.72 levels.
- However, the hourly RSI is now overbought. Hence, exhaustion here would not be surprising and may lead to a minor bout of correction to 107.97-107.92 area before the uptick resumes.
- Note that daily chart has a bullish price RSI pattern; hence dips could be met with fresh bids unless Friday’s low of 106.43 is breached.
- A daily close today well above falling trendline resistance would add credence to bullish price RSI divergence.
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