The pair continues to evolve in its daily range and we don’t see any clear directional bias over the immediate term.
Over the long term, the trend remains of course bullish as it has been for a long time. If the market managed to establish above 1,08 we would probably get a new test of all time high at 1,10.
In the beginning of the week, the pair has found renewed support on top of 1,0550 and we might see a new breakout attempt soon.
There is still though a downside risk with intraday studies entering in overbought zone.
We will stay on the sidelines until a clear trend emerges from this market.