The pair broke below the 1.5800-1.5825 support area, right where the 200-Day SMA and the 100-Day SMA reside, and in a sort-term could drop to the 1.5600 support. A break below 1.5600 would confirm declines towards the 1.5230 low. However, daily studies reached the oversold conditions, suggesting than a bullish reversal could take place form the 1.5600 level. The nearest resistance is now eyed by 1.5825, with a break above to open a fresh upside extension towards the 1.6300 resistance.
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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