The cross has been trading on a bearish bias. It re-tested 0.9400 three times in 15 months, but managed to close above that. In the previous week, the pair hit a low of 0.9366, which was lower low, but close above 0.9400. In all time frames, the cross closed below the moving averages.
The 20Dsma is seen at 0.9520, 50Dsma at 0.9560, and 20Wsma at 0.9590. Traders can keep an eye on this cross big moves in coming days on either side. A weekly close below 0.9400 open gates for a big fall. In the weekly chart, we can observe a big head and shoulder pattern. The cross has been testing the neck line for three times.
The material has been provided by InstaForex Company – www.instaforex.com