Technical Analysis and Outlook The currency has completed Currency Dip 1.2937 projection, therefore, expect a possible rebound to Mean Res 1.3064 and /or 1.3112 , while on the downside, there is a possibility of a sinking move to Mean Sup 1.2878 and very established Mean Sup 1.2715 . (For more Market Commentary, please visit the TradingSig_dot_com).
The falling tops formation inside a larger triangle formation coupled with Euro’s retreat from the NY session high of 1.1233 to 1.1190 and subsequent failure to hold above 50-DMA of 1.1207 in Asia suggests prices are likely to test demand around 200-DMA level of 1.1165. Caution advised below 200-DMA since both the 50-DMA and 200-DMA are still sloping higher.
Above daily chart shows a possible rise to Leg D = 171.015.