Current rebound in US morning suggests first leg of decline from 1.1025 top has ended at 1.0839 and near term upside risk is seen for this rebound to extend gain to 1.0950-55, however, if our view that top has been formed at 1.1025 is correct, upside would be limited to 1.0980 and resistance at 1.0997 should hold, bring another decline later. Below 1.0880 would bring weakness to 1.0855-60 but break of support at 1.0839 is needed to confirm and extend fall to 1.0821, then 1.0795-00 later.
In view of this, we are still looking to sell euro but at a higher level as 1.0997 resistance should limit upside. Only break of said resistance at 1.1025 would abort and signal early upmove has resumed instead, bring further gain to 1.1050-55 and later 1.1075-80 before prospect of another retreat.
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In view of this, we are still looking to sell euro but at a higher level as 1.0997 resistance should limit upside. Only break of said resistance at 1.1025 would abort and signal early upmove has resumed instead, bring further gain to 1.1050-55 and later 1.1075-80 before prospect of another retreat.