This is the third straight day of sideways action following friday's blast higher. We have struggled to cut through resistance at 1.1276 for two days and similar thing today could open doors for a drop to daily 50-MA stationed at 1.1315.
Note on the right sand, we have a flag pattern of sorts. Failure to take out 1.1376 followed by a bearish break below 1.1346 (flag support) would also signal a possible drop to 1.13 levels.
Moreover, bulls need a day end closing above 1.1376 as that shall add credence to Friday's jump and open doors for a more sustainable move above 1.13 handle.
Note on the right sand, we have a flag pattern of sorts. Failure to take out 1.1376 followed by a bearish break below 1.1346 (flag support) would also signal a possible drop to 1.13 levels.
Moreover, bulls need a day end closing above 1.1376 as that shall add credence to Friday's jump and open doors for a more sustainable move above 1.13 handle.
