The pair broke below the 1.5500 level. Now we see the risks of a further decline to the...
The pair broke below the 1.5500 level. Now we see the risks of a further decline to the 200-Day SMA by 1.5400 or below towards the key support by 1.5300. Breaking below 1.5300 would aim the pair to test the 1.5000 level. Any intraday rallies are expected to be well capped ahead of 1.5575-1.5650 resistance area. However, a break above 1.5650 would open a door for additional gains towards the next resistance by 1.5910.
Edward Smith, technical analyst of company Admiral Markets.
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