Two consecutive candles with long tails followed by a spike today to 1.2210 suggests the sell-off from the high of 1.2569 (Feb 24 high) has found bottom at 1.2132 (Thursday’s low) and the pair could continue to move towards the 10-DMA level of 1.2250.
However, the 10-DMA is still sloping downwards and thus spikes above the same could be met with fresh offers.
Meanwhile, a failure at 10-DMA followed by a daily close below support at 1.2132 could yield a sell-off to 1.20 levels.
However, the 10-DMA is still sloping downwards and thus spikes above the same could be met with fresh offers.
Meanwhile, a failure at 10-DMA followed by a daily close below support at 1.2132 could yield a sell-off to 1.20 levels.
