Figure level still holding, day’s low at 1.2296 but the pair is now trading at 1.2303
Well, it is barely holding at the moment. But it’s been a level that held on several occasions – last Thursday and in overnight trading yesterday.
here, strong bids sit around the figure level also helping to support the pair for the time being.
I prefer to look at the pair in the bigger picture though, and from the daily chart it’s clear that the pair remains in a consolidation phase.
The big test for me in any downside move or when the consolidation stretches out too long, is a test of the upward trendline support that stretches from April last year. As of today, it sits around the 1.2230 level. But the more the pair consolidates, the closer we are to test said level and that will be where things will start to get interesting.