While the dailies do still point higher, the shorter term charts appear to suggest that we might see a bit of a dip today, where buyers would arrive at 14915 and 1.4900 (both minor supports) and then at 1.4865 (daily Kijun and Fibo support (38.2% of 1.4565/1.5052)) and then towards the 100 HMA at 1.4820 and the 200 HMA at 1.4780 but seems unlikely to be seen for a while.
Back above 1.5000 and Friday’s 1.5052 high would head on towards 1.5100 (daily cloud base) and beyond, towards the 9 March high at 1.5136 and then next Fibo resistance at 1.5170 (61.8% of 1.5551/1.4565). This will be a very strong area of resistance, if seen, also being the top of the long term descending channel and the larger degree of Fibo resistance (23.6% of 1.7191/1.4565).Buying dips seems to be the way to go, but keep stops tight below 1.49, or below the Kijun (1.4865).
Economic data highlights will include:
W BOE Minutes:
T: UK Retail Sales
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