Bullish scenario: 50 MA (gold line ) seems to hold support as it did last week. A bounce from here could retest daily and monthly resistance.
Bearish scenario: A break of the 50 MA could push the pair down further to low 114's and ultimately test the 200 MA (red line).
Overall the pair has been consolidating since August and direction has been sideways between monthly resistance and 115.80+ support zone.
Bearish scenario: A break of the 50 MA could push the pair down further to low 114's and ultimately test the 200 MA (red line).
Overall the pair has been consolidating since August and direction has been sideways between monthly resistance and 115.80+ support zone.