Euro’s retreat from the session high of 1.1322 to 1.1275 following a convincing intraday break above resistance zone
of 1.1236 (38.2% of 1.0463-1.1714) – 1.1242 (falling trend line
hurdle) indicates there is still one more hurdle – around 1.1330 (rising trend line
drawn from 1.0517-1.0822 and extended), which needs to be breached.
A day end close today above 1.1242 would mark a bullish
break from falling channel
and increase odds of a subsequent break above 1.1330.
On the other hand, a move back below 1.1236 by day end close would suggest fresh drop
to 1.10 handle.