Daily close above 1.0790 (inverse head and shoulder neckline) would signal the declining trend from May 2016 high of 1.1616 has ended.
As per measured height method, the inverse head and shoulder breakout opens doors for a rally to 1.12 levels.
However, the descending trend line (coming from May high and Aug high) is seen offering resistance around 1.0875.
Bearish move: Failure to close above inverse head and shoulder neckline followed by a drop below 1.07 would signal a fresh sell-off to 1.0550.
As per measured height method, the inverse head and shoulder breakout opens doors for a rally to 1.12 levels.
However, the descending trend line (coming from May high and Aug high) is seen offering resistance around 1.0875.
Bearish move: Failure to close above inverse head and shoulder neckline followed by a drop below 1.07 would signal a fresh sell-off to 1.0550.