The pair dropped below the 100-Day SMA, thus confirming declines towards the 200-Day SMA by 78.50. A daily close below the 200-Day SMA would confirm the downtrend ahead of the 75.55-76.00 support area in a medium-term. However, should the pair hold above the 200-Day SMA, we could see a bullish resumption beyond the 100-Day SMA towards the 50-Day SMA by 81.40, with a break and consolidation above to confirm the uptrend towards the 84.00 level or higher ahead of the 85.50 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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