The ascendancy in the exchange rate keeps playing out in line with the spike in the German vs US 10yr bond yield spread, by far the most correlated asset to the pair.
The latest bullish market structure on the hourly keeps respecting technicals levels with pristine precision as the backside retest and rejection of the descending trendline shows.
The upside should get far stickier as the exchange rate returns to fill offers at an inflection point circa 1.13 psychological level (origin of the ECB selloff catalyst last week).
The short-term bullish structure, if one takes as reference Dow theory, will not be compromised until sellers can take out the latest swing low at 1.1250 and find acceptance below.
Interestingly, the German vs US 10-yr yield spread trades slightly higher than its pre-ECB level, suggesting that the present levels appears a relatively well adjusted value area.
The latest bullish market structure on the hourly keeps respecting technicals levels with pristine precision as the backside retest and rejection of the descending trendline shows.
The upside should get far stickier as the exchange rate returns to fill offers at an inflection point circa 1.13 psychological level (origin of the ECB selloff catalyst last week).
The short-term bullish structure, if one takes as reference Dow theory, will not be compromised until sellers can take out the latest swing low at 1.1250 and find acceptance below.
Interestingly, the German vs US 10-yr yield spread trades slightly higher than its pre-ECB level, suggesting that the present levels appears a relatively well adjusted value area.
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