Monday’s analysis was very profitable. Rebound that occurred was much faster and more dynamic than it was expected after last weeks’ weakness of demand. I wrote on Monday: ‘Potential test of channel lower limit gives a chance for a rebound. Support located at area 0.9600 – 0.9650 may also help with the rebound move’.
Demand broke above levels 0.7930 and 0.9820 with equal ease, like in previous week supply done it in different direction. Right now it has to be noted that price is reaching the upper limit of a bearish channel (currently it is at 0.9920). That level should finish the bulls offensive.
