The pair managed to hold above the 200-Day SMA, so in a short-term we expect to see a continuation of the uptrend towards the 1.5750 resistance. The nearest support is now eyed by the 200-Day SMA, with a daily close below to trigger a setback towards the key 1.5300-1.5320 support area, which contains both the 50-Day SMA and the 100-Day SMA, and from where a bullish reversal could take place. However, a break and consolidation below 1.5300 would negate the constructive outlook and accelerate declines towards the 1.4810 support. A break below the minor 1.5100 support would confirm this movement.
Edward Smith, technical analyst of company Admiral Markets.
At any use of the analytical material taken from a site of company Admiral Markets, and the secondary publication on any other resources, the rights to intellectual property for a dealing centre «Admiral Markets», the reference to a company site is obligatory.
Originally Published on FX Times
by InformedTrades via InformedTrades
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