The pair is still consolidating above the 50-Day SMA, so we look for further gains towards the...
The pair is still consolidating above the 50-Day SMA, so we look for further gains towards the 1.3465-1.3485 resistance area, right where the 200-Day SMA resides. However, a break back below the 50-Day SMA could trigger a setback towards the 100-Day SMA by 1.3110 or the 1.3000 support, with a break and consolidation below to confirm the bearish bias and accelerate declines ahead of the 1.2625 low.
Edward Smith, technical analyst of company Admiral Markets.
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