The pair has drifted down from its recent 1.1800 swing high printed on 18 Oct and almost met the first short-term downside target/support of 1.1050.It printed a low of 1.1070 on Mon, 28 Oct before it traded sideways.
Thereafter, it has rebounded by 90 pips post FOMC to print a current intraday high of 1.1168 in today’s Asian session. Elements have turned positive where the pair is now breaking above the major descending channel resistance from 10 Jan 2019 high and evolved within a minor ascending channel in place since 01 Oct 2019 low.
The hourly RSI oscillator is now approaching an extreme overbought level, thus a minor pill-back may materialise first.Flip to a bullish bias in any dips above the 1.1100 short-term pivotal support for another potential push up to target the next intermediate resistances at 1.1245 and 1.2900.
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