The soft tone of the US$ does look as though it could continue, in which case, if the offers can be taken out, then above 0.7850 would head towards the 6 Feb top at 0.7876, which should be strong resistance. Above here, we could be in for a run towards 0.7895 (23.6% of 0.8794/0.7625) and then to the 50% pivot of 0.8230/0.7625 at 0.7925, above which could then see a run back towards the Fibo resistance at 0.7995 (61.8% of 0.8230/0.7625).
Back below 0.7800 will find bids at the session low (0.773) and at 0.7760, although I would be surprised to see it down here today. If wrong then Tuesday’s brief low at 0.7740 would come into view, below which 0.7720/25 will be the next support ahead of 0.7700. Under there would find minor support at 0.7665/70 and then at last Thursday’s session low of 0.7643.
Look for a 0.7785/0.7950 type day.
Economic data highlights will include:
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