© Dukascopy Bank SA
Right now the pair may represent an opportunity for traders as it has recently dropped below the 50-hour SMA, below which a sharp decline is likely to take place. This is further bolstered by absence of any significant support levels until 1.7856/2 (four-hour S3, daily S1) as well as by market sentiment-almost 70% of market participants are bearish on the pair.
© Dukascopy Bank SA