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The pair now closes in on a test of Thursday’s high at 1.1724.
Last week’s high came from Monday trading at 1.1728 – a move which was rejected by the 100-hour MA (blue line),
so it’s not that far away too.
Buyers are holding a break of the 200-hour MA (blue line) today and now the pair has broken above the crucial 1.1700 figure level.
Stay above and it bodes well for buyers later in the session to break above the highs on Thursday and Friday.
Do take note though that there is a large expiry at 1.1700 as mentioned here, which may anchor any upside move for today.
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