The pair almost reached the key 1.6165 resistances. Breaking and consolidating above this level would open a fresh upside extension ahead of the 1.6750 high in a medium-term. However, a reversal from 1.6165 could trigger a setback towards the 1.5840-1.5860 support area, right where both the 50-Day SMA and the 200-Day SMA reside. Breaking below this area would negate the constructive outlook and confirm declines towards the 100-Day SMA by 1.5725 or the 1.5600 support.
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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