The pair presented a modestly bearish tone on yesterday's trades. Traders pushed the pair higher in the Asian session. Prices touched 1.0750 and bounced off the level. The common European currency continued to move south afterwards. Sellers broke 1.0700 and headed towards 1.0650. The resistance is seen at 1.0700, the support stands at 1.0650.
We will keep selling the pair if the price consolidates below 1.0700. A consolidation above the level will return bulls in the game. Buyers will lead prices towards 1.0800.
Traders were unable to move anywhere; the pair remained in a narrow range. A downward slide met a barrier around 1.2400. An upmove lost strength after testing 1.2500. The current resistance is seen at 1.2500, the support exists at 1.2400.
Once we break above the 1.2500 level, we think that the 1.2600 level will be next. A move below 1.2400 might force the pair to resume its downward trajectory towards 1.2300.
The tone was neutral/positive on Thursday. The pair traded in a flat holding onto its recent gains. The resistance is at 110.00, the support comes in at 109.00.
A break above 110.00 will keep bulls in the driver's seat. After breaking the level buyers will aim at 110.50. A move below 109.00 will indicate that the current buyers’ phase is over.
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