The cross has retraced nearly 4.50% as of now in February. It has a parallel support finds 131.17 Nov 20 low having a weekly low at 131.28. Currently, the cross is trading at 131.54 on the Asia session marginally down. The 200MAs finds between 131.10 and 130.90 below this 250MA and 50MA (weekly) exists 129.00. The daily RSI isn’t indicating any recovery.
A daily close below 200MA’s target at 130.40 and 130.00 and 129.00 could be expected.
Over the medium term, the cross has a solid support between 127.50 and 129.00. At this point, we expect a decent bounce to 131.00 and 132.00.
View: vulnerable to have further downside risk
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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