© Dukascopy Bank SA
Right now the currency pair is trading just below the upper trend-line, which is reinforced by the daily pivot point and 200-hour SMA. Accordingly, there is a high possibility of a sell-off from the current level down to the lower trend-line at 4.13. And while the hourly and daily technical indicators are largely mixed, on the four-hour time-frame five out of eight studies are pointing downwards, with the remaining being neutral.
© Dukascopy Bank SA