- Pair witnessed a bullish break from symmetrical triangle as anticipated in Europe today.
- Spot jumped to a high of 1.4695 before trimming gains to trade around 1.4686 (100% Expansion of Feb low-Mar high-April low).
- Pair needs to break above the same, preferably on daily closing basis as that would open doors for a test of inverse head and shoulder neckline level of 1.48 levels.
- Repeated failure to take out 1.4686 in the US session could trigger a bout of profit taking, which is unlikely to push the pair below critical level of 1.4636.
- Nevertheless, traders should note that a day end closing below 1.4636 would signal bulls have lost steam.
