Pair's repeated failure to stay below 1.2775 (Dec 6 high) despite the retreat from 1.2903 (last week's high) coupled with overstretched 5-DMA and 10-DMA suggests the sideways action is likely to continue.
The pair is waiting for the short-term averages to catch up with the price action before extending the rally.
Only a daily close below 1.2775 would prolong the consolidation and increase the odds of a correction.
The pair is waiting for the short-term averages to catch up with the price action before extending the rally.
Only a daily close below 1.2775 would prolong the consolidation and increase the odds of a correction.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.