The pair is consolidating by 1.6100. Now the risks are mixed, and from current levels we could either see...
The pair is consolidating by 1.6100. Now the risks are mixed, and from current levels we could either see an additional decline towards the 50-Day SMA by 1.5975 or a rebound towards the 1.6300 resistance. A daily close below the 50-Day SMA would extend declines towards the 1.5810-1.5830 support area, right where the 200-Day SMA and the 100-Day SMA reside. A clear break above 1.6300 would confirm the uptrend ahead of the 1.6750 high.
Edward Smith, technical analyst of company Admiral Markets.
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