Pair’s break above previous day’s high of 1.3091 followed by a rise to the weekly pivot level of 1.3112 adds credence to yesterday’s gains which were driven by the bullish price RSI divergence on the hourly and 4-hr chart.
However, the 5-DMA on the daily chart is still sloping downwards, suggesting this could be a bull trap. As long as the bird is above 1.3091, bulls have little reason to worry.
But buyers need to watch out for a rejection at the pivot point followed by a drop below 1.3091 as such a move could end up taking the pair back to 1.3050.
However, the 5-DMA on the daily chart is still sloping downwards, suggesting this could be a bull trap. As long as the bird is above 1.3091, bulls have little reason to worry.
But buyers need to watch out for a rejection at the pivot point followed by a drop below 1.3091 as such a move could end up taking the pair back to 1.3050.
