E$ finally broke out of its lackadaisical consolidation during the NY session, stunned many by its powerful surge as it took out stop loss orders on its way to print 1.3265 high before settling around 1.323ish.
Simplistically speaking, a close above DMA would imply underlying strength in the E$ with 1.3200 being the pivot.
Reckon for the next 24hrs, it is probably eyeing previous high of 1.3290, which coincidentally is near to the 61.8% mark of 1.3300. Or, it can spend a full 24hrs consolidating within 1.3200-60 (which is healthier) before taking 1.3300 out and right up to 1.3380/410. Whichever scenario, it is E$ bullish.
In all things, it is not infallible but will take a close below 1.3200 to weaken the picture and 1.3130 to invalidate this bullish view.
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