Short-term, the negative momentum has gained further traction which has pushed the pair below 1.06, the low reached twice in 2016 and 2017.
The RSI indicator has been forming a bullish divergence, suggesting the negative momentum is fading and that a rebound could occur. The past support at 1.0620 has become a resistance .A daily close below this level may trigger
further decline towards 1.08. On the other hand, the next support holds at 1.05.
The RSI indicator has been forming a bullish divergence, suggesting the negative momentum is fading and that a rebound could occur. The past support at 1.0620 has become a resistance .A daily close below this level may trigger
further decline towards 1.08. On the other hand, the next support holds at 1.05.
Trade closed: target reached