© Dukascopy Bank SA
Recently, the pair touched the upper trend-line and now it is likely to depreciate towards the daily and weekly PP at 1.5903/00. There are a few indications of the pair being oversold. The majority of the 1H and 4H technical indicators are pointing to the north. And also the SWFX market participants are bullish on the pair, as 58.45% of them have opened long positions. Therefore, we expect the current trend to remain in effect; although, most likely the next short term target is the daily S1 at 1.5860.
© Dukascopy Bank SA