Pair’s retreat from the high of 1.0991 to 1.0940 levels marks a failure to hold above the falling trend line coming from May high and June high.
A daily close today below 1.0931 (61.8% Fibo extension of May high – June low – Aug high) would open doors for a sell-off to 1.0851 (Oct 25 low) and 1.0812 (78.6% Fibo extension of May high – June low – Aug high).
On the higher side, only a daily close above 1.10 would signal bearish invalidation.
A daily close today below 1.0931 (61.8% Fibo extension of May high – June low – Aug high) would open doors for a sell-off to 1.0851 (Oct 25 low) and 1.0812 (78.6% Fibo extension of May high – June low – Aug high).
On the higher side, only a daily close above 1.10 would signal bearish invalidation.
