Failure to hold above 1.30 for last three straight sessions followed by a drop to 1.297 levels today in the wake of a golden cross (50-DMA & 200-DMA bullish crossover, often a lagging indicator/contrary indicator) coupled with the daily RSI turning lower from the overbought territory suggests a potential for a pull back to 1.2870 levels.
Only a daily close below 1.2870 would signal revive bearish view.
On the higher side, we look for two consecutive daily close above 1.30.
Only a daily close below 1.2870 would signal revive bearish view.
On the higher side, we look for two consecutive daily close above 1.30.