Commentary: We wrote yesterday that “we still expect a rally but the corrective advance unfolding from 1.0884 is probably an expanded flat. The flat would be complete following a rally through 1.0948. Resistance is in the 1.0978/1.1046 zone and the bias is bearish as long as price is below 1.1190.” The high tonight was at 1.1087 and reward to risk is now favorable for bears. The pair should drop below 1.0836 in the next few days.
Strategy: Bearish, against 1.1190, target below 1.0836
Al Bawaba
