© Dukascopy Bank SA
The pair now is moving along the trajectory of the short-term SMA at 0.8978 but may surpass this level in the foreseeable future as technical indicators point to a possible rise in the medium-term. If this comes true, the currency couple is likely to breach 0.8978/80 (50-hour SMA; daily PP; four-hour R1), a consolidation above which will help the pair to move towards 0.8985/8 (four-hour R2, R3; daily R2), the last defense from a rally to a one-month high of 0.8991.
© Dukascopy Bank SA