The pair surged back to 1.2800 and in a short-term could continue recovering towards the 1.3000 resistance or the 1.3100-1.3110 resistance area, right where the 100-Day SMA and the 50-Day SMA reside. A clear break above 1.3100 would confirm the uptrend towards the 200-Day SMA by 1.3370. However, while the pair trades below 1.3100, we see the risks of a new decline towards the 1.2625 low, with a break below to open a fresh downside extension towards 1.2000 in a medium-term.
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.
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