- The pair is slightly higher on the session now with some key technical considerations in play
At some point last week, the pair looked poised for an upside break with the high touching 1.0888. All that before the dollar rebounded and we saw a daily close back under its 200-day moving average. Today, that key level (blue line) is once again looking to be breached:
Since pushing back above 1.0800, the pair has been sort of stuck in the mud. The confluence of the 100-day (red line) and 200-day moving averages has played a role in keeping price action more sticky. That is seen around 1.0814-27 at the moment. As such, if buyers can shake that off, it will be a good building block for a further upside push next.