© Dukascopy Bank SA
Now the currency couple is headed upwards; however, SWFX players do not expect the trend to persist in the nearest future – almost two-thirds of them hold short positions. If this comes true, the pair is likely to widen its distance from a five-month high of 0.8295 and may slump below 0.8277/69 (four-hour PP, S1, S2, S3; daily PP) and 0.8254 (daily S2), a dive under which will open the way towards 0.8221/15 (50-bar SMA; daily S3) - the last defense before the pattern's lower boundary.
© Dukascopy Bank SA