The pair is trading flat over the long term represented by its weekly chart. It evolves in a trading range between 1,59 and 1,67.
Last week, we did see the market ending a 50% retracement of the recent bounce on the bottom of the range. A confirmation above 1,63 would now expose 1,67 coinciding with the weekly 200 moving average.
Only a break below 1,61 would concern over the immediate term.
Provided by atf-forex-trading.com