The pair has confirmed a strong bullish bounce over the last trading session with a rally towards a former support at 1,05.
We still expect a continuation of the bounce towards 1,0650 for a test of the former rising trendline coinciding with the daily 20 moving average.
Considering the recent price actions, a major reversal structure might be in place with the breakout of a long term rising trendline which validates a double top formation on the weekly chart. However, we will remain cautious as always with the high yield currencies which have a strong ability to easily recoup their losses with market paricipants looking for bargain prices.
Provided by atf-forex-trading.com