© Dukascopy Bank SA
Currently, the pair remains in the up-trend and we are not likely to see notable changes to this trend before long given buying pressure pertaining to the bullish formation, rising wedge, inside which the currency couple is vacillating right now. However, some correction may take place as two-thirds of market players hold short positions, according to the SWFX data. Nevertheless, strong support levels at 1.7042/24 (four-hour S1, S2, S3; daily S1) and 1.7021/08 (daily S1 and 200-hour SMA) are likely to stop a possible decline and may help the pair to return to gains.
© Dukascopy Bank SA