The pair continues to be well bid as it seems to have found some good support on top of the 200 moving average.
However, the market is now meeting a strong resistance with the daily 20 descending moving average which reminds us that the trend is still bearish.
The market is evolving in a short term ascending channel (4-hour chart). A break below this channel and 1,04 would expose a new test of the 200 moving average near 1,03 with additional pressure going forward.
Inversely a break above 1,050 would accelerate gains towards 1,0650 and maybe 1,08 (former daily trendline).
We will seee how the market sentiment evolve over the coming days. Renewed concerns on the overall economic growth and financial situation would weigh on the pair once again.
