Commentary: We wrote yesterday that “the high tonight was at 1.1087 and reward to risk is now favorable for bears. The pair should drop below 1.0836 in the next few days.” Similar to the EURUSD (but inverse), a drop below 1.0953 would instill confidence in the bearish bias. This decline could accelerate near term since the decline from 1.1063 is probably a 3rd wave.
Strategy: Bearish, against 1.1190, target below 1.0836
Al Bawaba
