The pair is consolidating by 1.3000, so the risks are on the downside, and we could see...
The pair is consolidating by 1.3000, so the risks are on the downside, and we could see a new decline towards the 1.2870 support in a short-term. Breaking below 1.2870 would extend losses towards the 1.2585 support. However, daily studies are close to oversold conditions suggesting that a bullish reversal could take place from 1.2870, which would aim the pair back towards the 50-Day SMA by 1.3575.
Edward Smith, technical analyst of company Admiral Markets.
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