© Dukascopy Bank SA
However, a short-term bias is to the downside, as the price is poised for a decline from the upper boundary of the pattern. The sell-off is expected to extend through the weekly pivot points down to 2.46, where the pair will meet support created by the support trend-line and 200-hour SMA. There the currency pair will be in a good position to start a recovery to 2.5150.
© Dukascopy Bank SA