At least that is the case for now, as the pair rebounds to its highest levels since Friday last week and is seen up 1% today to 86.80 levels.
Amid the deterioration of risk sentiment on Monday and Evergrande fears, the pair broke below key daily support from the April low @ 85.42 but managed to keep away from a drop towards the August low @ 84.67 at least.
The weekly chart will still underline a bounce off the April low as the particularly meaningful level from a technical perspective, so that validates the rebound for buyers.
However, even with the push back above the 200-day moving average (blue line) @ 86.41 and buyers having seized back near-term control today in a push above the 200-hour moving average at 86.24, there still needs to be more convincing.
Comments