© Dukascopy Bank SA
At the moment, the pair is trading in approximately equal distance from both trend-lines. In particular, the instrument is sitting slightly above its short- and long-term SMAs meandering at 1.0814. Given that the 50-bar SMA is on the verge of surpassing the 200-bar SMA, the pair is likely to receive a boost that may initiate a rally in the hours to come. This is also confirmed by the SWFX numbers-88% of all orders are placed to buy the pair.
© Dukascopy Bank SA