The downside rally could not continue ...
Euro managed to close below the daily SMA50, but the downside rally could not continue at a former pace and the pair is still consolidating around the 1.3600 level. A clear break back above this level could trigger a short-term rebound ahead of the 1.3900-1.4000 area. Meanwhile, if the price sustains below 1.3600, a decline will continue towards the 1.3150 level, where the daily SMA200 resides.
Edward Smith, technical analyst of company Admiral Markets.
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