Take note of the following levels –
- Blue rising drawn from Dec 2015 low to March 2 low and extended comes around 1.1130
- Also note, the monthly 5-MA support comes around 1.1135
Traders need to watch out for a possible rebound from the levels next week, in which case a re-test of 1.1236 appears likely.
Only a day end closing below 1.1130 would shift risk in favor of a further drop towards 1.10 levels, although oversold nature on intraday timeframes could trigger sideways consolidation.