The supportive trend line held throughout the session yesterday, with the price rising strongly following poorer than expected U.S. economic data, topping at the multi-month high of 1.1295, before falling sharply upon the FOMC release and interest rate hike. The level at 1.1295, as it is a multi-month inflective high, is significant, and the rejection there may signify the beginning of a bearish trend, although the price is still technically within a bullish trend. It is important now to watch whether the price holds up above the supportive trend lines and 1.1163, as a fast break below these could trigger a sharp fall. Alternatively, if they hold we are more likely to see the price test 1.1295 again soon. The price is in a long-term pivotal area.
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