EURUSD climed back near an important longterm and midterm inflection point. For the 1.08 level will be the line in the sand that separates bulls from bears. This is where an important battle about the direction of the upcoming month could take place (at least from a technical perspective).
A confirmed push above this level would give the signal to look for long opportunities towards the 200 day MA whereas a rejection from that area will possibly trigger another attack of the 1.05ish lows. Breaching those could open doors to a decline towards the inverse trendline support that is located near parity at the time writing (see image below).
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A confirmed push above this level would give the signal to look for long opportunities towards the 200 day MA whereas a rejection from that area will possibly trigger another attack of the 1.05ish lows. Breaching those could open doors to a decline towards the inverse trendline support that is located near parity at the time writing (see image below).
