After flattening out just under 1.2800 the pair managed to claw back 50 pips by Friday’s close and another 30 during the European morning.
The high reached the broken trend line and 55 wma but failed to get and hold above and we’ve been back down through 1.2850.
Just above the tech levels we have strong resistance at 1.2885 then mild at 1.2936.
Below, support is seen at 1.2791 and then at the April low of 1.2745.
For today at least, we need to watch whether the market moves are based on USD trades or general risk on/off trades, particularly with the BOJ meeting tonight.
With the lack of data today the market may take a pitstop before it jumps back in the race. We do have some decent data out in the rest of the week so it there should be moves aplenty.