The pair dropped to the 81.00 level, aiming to retest the key support at 80.20. A break below 80.20 could aim the pair for...
The pair dropped to the 81.00 level, aiming to retest the key support at 80.20. A break below 80.20 could aim the pair for testing the 1995 record low by 79.75. Meanwhile, daily studies are on the oversold territory, so a bullish reversal could take place from current levels or as soon as the pair reaches the 79.75-80.20 support area. A daily close back above 82.00 would be required to relieve the downside pressure and aim the pair to the 84.50 resistance.
Edward Smith, technical analyst of company Admiral Markets.
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