The pair did not manage to hold above the 82.00 level, so the risks of testing the key support at 80.20 are still high. A break below...
The pair did not manage to hold above the 82.00 level, so the risks of testing the key support at 80.20 are still high. A break below 80.20 would aim the pair for testing the 1995 record low by 79.75. However, a sustained break above 82.00 would encourage prospects for additional gains towards the 84.50 resistance. Meanwhile, the 82.75-83.15 resistance area, where both the 50-Day SMA and 100-Day SMA reside, could limit the trend.
Edward Smith, technical analyst of company Admiral Markets.
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