The pair remains under pressure after a sharp fall towards 1,07 corresponding to an ascending trendline started in March.
A break below this support would expose further decline towards 1,05 with a possible extension towards 1,03 (200 moving average).
The long term outlook remains very bullish though considering the slope of the 20 moving average so it is too soon to talk about a reversal. The long term position traders probably won’t give up like that.
We will stay on the sidelines until we get a better picture particularly after all the important risk events coming up this week.
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