The pair reached the 100-Day SMA by 1.3310. A daily close above this level would extend gains towards the 200-Day SMA by 1.3740 in a medium-term. Otherwise we could see a setback towards the 50-Day SMA by 1.3000, with a break and consolidation below to accelerate declines towards the 1.2875-1.2930 support area or the 1.2625 low.
Edward Smith, technical analyst of company Admiral Markets.
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