Another recovery effort after the strong rally efforts over the past week, but yet another stall at the peak from the post-FOMC rally at 1.1036, back from 1.1015 this tome, again rejecting a neutral shift to leave bias back to the downside.
We still see an erratic consolidation theme this week (likely contained within last Wednesday's range all this week) with a negative bias and whilst below 1.1036 we would look for a bear trend resumption into April.
- We see a downside bias through the trend line (1.0960) for 1.0890/82; break here aims for the lower trend line (1.0790), maybe 1.0767/54.
- But above 1.1015 opens risk up to 1.1029/36, which we would again look to try to cap. Break aims for 1.1065.
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2 Hour EURUSD Chart