- The pair is struggling to break above 114.00 despite the break above the descending trend line.
- Major resistance levels above 114.00 are
- 114.49 (July high), 115.44 (0.618 fib extension).
- 114.45 – the resistance offered by the trend line sloping downwards from Aug 2015 high and Dec 2015 high is still intact.
- Only a weekly close above 114.45 would revive the rally from 98.79 (June 2016 low) and qualify as a major bullish break on the charts.
- The bullish break confirmed on the daily chart yesterday could fail if the US core durable goods data due today prints below estimates, in which case the spot could break below the support at 113.44 (Oct 6 high).
- Only an end-of-the-day close below the rising trend line support would confirm a short-term bullish-to-bearish change.