Last week's resurgence in EUR buying led to the first hourly cycle since Sept 24. The current setback should be seen within the context of a developing upcycle.
The next decision point to potentially engage in buy-side conditions include the area of 1.1520-1.1480. Remember, as a rule of thumb, the 50% fib retracement of a cycle should be the minimum area to engage if aiming for an attractive entry point.
Tick volume suggests increased commitment on the way up, while the move lower so far carries lamer tick activity, which supports the bullish cycle structure for a potential continuation.
The EU vs US 10yr yield spread does not negate the upcycle for now.