© Dukascopy Bank SA
Despite being able to consolidate above the 50-hour SMA at 1.7131 about an hour earlier, the currency couple still is under the risk of halting its winning streak given the disposition of the SMAs. The short-term SMA is approaching the long-term SMA at 1.7118; if the 50-hour SMA dives below the 200-hour SMA, the ‘death cross' will occur thus putting a notable selling pressure on the instrument.
© Dukascopy Bank SA