There are no changes in a short-term structure. The pair is still trading below the 100-Day SMA, so we look for a further decline towards the 200-Day SMA by 78.50, with a daily close below to 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 back above the 100-Day SMA towards the 50-Day SMA by 81.10, 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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