Buying pressure from 0.8738 resulted in all the initial daily selloff being recaptured. The rally has posted an exhaustion count on the daily chart. Levels close to the 78.6% pullback level of 0.8836 found sellers. Broken out of the wedge formation to the upside. The formation has a measured move target of 0.8835. However, with the intraday chart now highlighting lower highs we are possibly forming a descending triangle pattern. A break of 0.8805 is needed to confirm follow through negative momentum. Intraday signals are far from strong.
Our profit targets will be 0.8750 and 0.8665
Resistance: 0.8833 / 0.8865 / 0.8885
Support: 0.8805 / 0.8767 / 0.8750