The pair has confirmed a strong bullish bounce over the last trading session with a rally towards a former support at 1,05.
The pair continues to consolidate after last week rally and it is now trading above the 38% fibonnacci retracement level.
The pair remains very well bid after a consolidation period in the beginning of the week.
The pair continues to trade flat above its historical low at 76,30 but remains under pressure.
The pair evolves in a multi-day rising channel which confirms its relative strengh over the short term.
After a clear break above its long term descending trendline, the pair has been pulling back on this former resistance and is now trading near the 1,44 level.
The pair has confirmed a strong bullish bounce over the last trading session with a rally towards a former support at 1,05.
The pair has been under pressure the most part of monday’s session with a decline towards a first support level at 0,98 corresponding to a 38% retracement of the previous rally.
In the early stage of the week, we did see the pair confirming its bullish momentum while reaching its psychological 80,00 level i.e. 200 pips above last week close.
The pair is still under pressure but continues to hold above its historical low at 76,30.