Pair's ren-entry into the falling channel earlier this month followed by a failed attempt to take out channel resistance last week and rejection at daily 5-MA and 10-MA levels today indicates the currency pair could drop below thursday's low of 0.9588, thus opening up crucial support levels at 0.9500 and 0.9444 (May 3 low).
On the higher side, falling channel resistance needs to breached on day end closing basis in order to signal bearish invalidation.
On the higher side, falling channel resistance needs to breached on day end closing basis in order to signal bearish invalidation.
