- Repeated rebound from 23.6% Fibo and multiple break above rising trend line (blue) indicates the cross could be heading higher to 0.7328 levels (Feb 25 high)
- Bullish invalidation is seen only if the bird sees a daily closing below 23.6% Fibo of 0.7705.
- Watch for daily closing above blue trend line and rebound from the same tomorrow. That would be a strong buy signal.
The bullish chart ahead of Fed tell me two things –
- Either Brexit sell-off in Cable is about to worsen and/or
- Fed is likely to come out hawkish, leading to a bout of risk aversion that shall keep EUR on a front foot against the British Pound