The pair is now consolidating its rally started last week. Any setback should be well supported by the 0,80 former resistance.
We have seen the pair confirming a possible material base on top of its historical low (76,00) but the structure remains relatively weak.
Considering the last day closing, we expect a test of the ascending trendline at 1,6250. A break below the daily channel would negate the bullish outlook.
Yerterday’s price action didn’t really confirm a bullish bias on the pair which was a bit under pressure, testing the 1,44 support.
With a break above 1,06 last friday, the pair has shown renewed strengh and confirmed a possible bullish resumption.
The pair has been under pressure lately which confirms a period of consolidation after a sharp rally towards parity.
Last friday, we did see the pair confirming its bullish bias with a sharp acceleration above the 0,80 resistance.
We have seen the pair confirming a possible material base on top of its historical low (76,00) but the structure remains relatively weak.
The pressure remains on the upside since the pair bounced on an ascending channel near the 1,62 level.
Considering a return of the risk appetite on the market, we continue to watch a possible development to the upside on the Euro after a confirmation of the break above 1,45.