Despite the rebound from Friday’s low of 0.8974 and rise to 0.9057, caution is warranted on the part of the bulls…given that the daily RSI is in the overbought territory and has breached rising trend line. The daily MACD is also indicating loss of momentum; hence a correction to 10-DMA level of 0.8962 could happen any time.
On the higher side, A day end close above 0.9142 (Oct 11 high) would open doors for a further rally to multi year highs.