Commentary: We wrote yesterday that “we would like to see the pair touch channel support and hold before getting bullish against 1.2124. If the support line fails to hold, then we?ll reassess the situation.”
The confluence of the 61.8% of 1.2124-1.2230 / channel support near 1.2203 has held and we are bullish against 1.2197 targeting a break above 1.2329. Strategy: Bullish now, against 1.2197, targeting break above 1.2329