The pair was unable to hold steady below 0.9980 during yesterday’s trading to resume trading above … The negative cross of the 50 and 100 simple moving averages may be a sign that the downside may continue, but it is better to wait for a clear breach of 0.9980 to confirm this possibility. This is in support of 0.9910 as the first target and 0.9840 as the second target.A return to the upside and a breach of 1.0060 might be enough to confirm the end of the current bearish correction and resume the upside move to be next target at the last November high of 1.0125 which breached a daily closing might push the price to target at least 1.0225 resistance.
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