© Dukascopy Bank SA
During last couple of trading days the currency pair has been fluctuating around the 100-period SMA, which currently is at 0.7878. Although, the pair cannot surpass the level, thus most likely it will continue its slide. Moreover, the 4H and daily technical studies are pointing to the south. We think that the pair will approach the monthly and weekly S1 at 0.7827/23. The pair's SWFX traders' think alike, as 59% of them have opened short positions on the pair, meaning that they are expecting a decline.
© Dukascopy Bank SA