Support – 1.3296, 1.3226, 1.3119
Pattern – break from on 15-min chart & price divergence on hourly
Pair’s break from on 15-min chart coupled with a price divergence indicates a corrective rally may have resumed and prices could test 1.3427 (hourly 50-MA). If taken out, the pair could extend gains to 1.35-1.3567 (23.6% of Brexit fall).
- Only a day end closing above 1.3567 would signal a short-term bottom is in place at 1.3119.
- On the other hand, a failure to take out/sustain above 1.3352 (hourly chart resistance) followed by a break below 1.3296 would shift risk in favor of a re-test of yesterday’s low of 1.3119.