the daily time frame, since the beginning of June, has price languishing south of resistance at 1.1348.
Support derived from the 1.1147 27 March high, therefore, could soon become a reality,
a level that merges closely with a 38.2% Fibonacci retrenchment ratio at 1.1155. Interestingly,
breaching 1.1148 reveals the 200-day SMA (red – 1.1036),
closely followed by support at 1.0995 and a 61.8% Fibonacci retrenchment ratio at 1.0988.
Support derived from the 1.1147 27 March high, therefore, could soon become a reality,
a level that merges closely with a 38.2% Fibonacci retrenchment ratio at 1.1155. Interestingly,
breaching 1.1148 reveals the 200-day SMA (red – 1.1036),
closely followed by support at 1.0995 and a 61.8% Fibonacci retrenchment ratio at 1.0988.