Pair’s rebound from 50-DMA on Tuesday followed by a move to a high of 1.1327 on Draghi’s comments today is not enough to bring in fresh bulls as they would want to see the spot take out rising trend line
(drawn from July 27 low – Aug 9 low) resistance seen today around 1.1338.
A day end close above the same would open doors for a rally to 1.15 levels over the next week. A move above 1.1338 would add credence to the bullish
turn in the daily MACD
On the lower side, only day end close below 200-DMA
would motivate the bears.