Bearish below 1.0964
The spot failed to take out 1.0964 (50% Fib of Mar-May rally). The Fib resistance almost coincides with 1.0963 (76.4% of May-June rally). The daily chart also shows repeated failure to take out 1.0964, after having closed below the same on July 15th. The spot also struggled to sustain above 10-DMA located at 1.0941. The daily RSI too is bearish below 50.00. Consequently, fresh offers are likely to push the pair back to 1.0868. A break below the same could open doors for 1.0817 (May low). On the other hand, an hourly close above 1.0964 could see the pair rise to 1.10. However, the outlook would turn bullish only in case of a daily close above 1.0964.
The spot failed to take out 1.0964 (50% Fib of Mar-May rally). The Fib resistance almost coincides with 1.0963 (76.4% of May-June rally). The daily chart also shows repeated failure to take out 1.0964, after having closed below the same on July 15th. The spot also struggled to sustain above 10-DMA located at 1.0941. The daily RSI too is bearish below 50.00. Consequently, fresh offers are likely to push the pair back to 1.0868. A break below the same could open doors for 1.0817 (May low). On the other hand, an hourly close above 1.0964 could see the pair rise to 1.10. However, the outlook would turn bullish only in case of a daily close above 1.0964.