© Dukascopy Bank SA
The pair has recently surpassed the 50-hour SMA at 1.9805 and now is approaching the neck-line at 1.9877, suggesting that the breakout is looming. However, to reach this formidable resistance, the pair has to overcome some hindrances, namely the four-hour R1, R2 and daily R1 lying at the level 1.9843/63. Technical indicators signalize the pair may try to jump above this resistances, pointing to a strength in the short and long terms.
© Dukascopy Bank SA