Despite pair’s jump to a high of 1.1119 yesterday the subsequent retreat and a failure to see a daily closing above 200-DMA suggests upticks are likely to be met with offers today.
The spot clocked a high of 1.1096 in Asia largely on account of EUR/JPY pop ahead of BOJ rate decision.
But once again the bird is losing height and currently hovers around 1.1082. A break below 200-DMA of 1.1075 followed by a move below daily low of 1.1072 would open doors for a drop to 1.1039 (5-DMA) – 1.1030 (10-DMA) levels.
On the higher side, a day end closing above 1.1144 (smaller channel resistance on daily) would add credence to post Fed rebound from 1.0960 levels and shall open doors for a test of stiff resistance zone of 1.1180-1.12.
The spot clocked a high of 1.1096 in Asia largely on account of EUR/JPY pop ahead of BOJ rate decision.
But once again the bird is losing height and currently hovers around 1.1082. A break below 200-DMA of 1.1075 followed by a move below daily low of 1.1072 would open doors for a drop to 1.1039 (5-DMA) – 1.1030 (10-DMA) levels.
On the higher side, a day end closing above 1.1144 (smaller channel resistance on daily) would add credence to post Fed rebound from 1.0960 levels and shall open doors for a test of stiff resistance zone of 1.1180-1.12.
