Today we are going to be analysing one of my favourite and most traded currency pairs.
The current outlook on this pair is negative. We have broken below a minor resistance and the 50 day moving average at the 1.067 area. Further downward movement could be expected until we reach the next major trend support area 1.060 which is also a round number psychological support area. If this support area does not hold we would be heading to the 1.054 major support area.
Should a reversal happen the first target would be the 1.067 resistance area , a further breakout above this area will take us back to 1.07 but any intraday rallies will most likely be capped at this level.
*All information in this article is the author’s opinion and is for educational purposes only. It does not constitute investment advice or a solicitation to buy or sell any financial instrument. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.