· Friday’s rise to 1.0991 and a daily close above confluence of Fib levels around 1.0930 suggests a short-term bottom could be in place at 1.0851, however, the subsequent retreat to 1.0965 in the Asian session today amid daily RSI, which remains in a down trend indicates the bear could still make their presence felt, especially if prices breach support at 1.0930.
· On the lower side, a daily close below 1.0930 would open doors for a re-test of 1.0850, while on the higher side, a move above 1.10 could signal bearish invalidation.
· On the lower side, a daily close below 1.0930 would open doors for a re-test of 1.0850, while on the higher side, a move above 1.10 could signal bearish invalidation.
