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The pair rose a bit during the course of the day on Monday, as the 1.08 level (Monthly Pivot) continues offer support.
I believe that the pair will simply be a return to the sideway trend
The pair is expected to find its first resistance at 1.087, and a rise through could take it to the next resistance level of 1.089 (or 1.090)
I will look forward to US Markit services PMI, consumer confidence for January and US housing price index for November, slated to be released later today.
In daily chart, Momentum has turned negative with the MACD (moving average convergence divergence) index generating a sell signal.
I believe that the pair will simply be a return to the sideway trend
The pair is expected to find its first resistance at 1.087, and a rise through could take it to the next resistance level of 1.089 (or 1.090)
I will look forward to US Markit services PMI, consumer confidence for January and US housing price index for November, slated to be released later today.
In daily chart, Momentum has turned negative with the MACD (moving average convergence divergence) index generating a sell signal.
