The EUR managed to recover above 1.0964 (50% of Mar-May rally) on Friday, and thus, extended gains to trade above 1.10 handle today.
Further gains are seen only in case of an hourly close above the resistance at 1.1020. In such a case, the spot could rise to 1.1053 (61.8% of May-June rally).
Meanwhile, a failure to take out 1.1020 could see the spot fall back to 1.0964. The bearish view would strengthen further in case the spot drops below the rising channel support at currently seen at 1.0950.
Further gains are seen only in case of an hourly close above the resistance at 1.1020. In such a case, the spot could rise to 1.1053 (61.8% of May-June rally).
Meanwhile, a failure to take out 1.1020 could see the spot fall back to 1.0964. The bearish view would strengthen further in case the spot drops below the rising channel support at currently seen at 1.0950.