Pair's failure to take out 110.34 (23.6% of 125.856-105.549) followed by a failure to stay above daily 50-SMA of 110.13 has opened doors for a test of support at 109.63 and 109.38 (daily 5-SMA).
The pace of drop to daily 5-SMA could be quick if US weekly initial jobless claims show weakness in labor market. On the higher side, resistance at 110.34 needs to be breached if the pair has to continue its bullish move.
The pace of drop to daily 5-SMA could be quick if US weekly initial jobless claims show weakness in labor market. On the higher side, resistance at 110.34 needs to be breached if the pair has to continue its bullish move.
