The pair almost reached the 95.80-96.50 support area, right where the 50-Day SMA resides. Breaking below this area would extend declines towards the 92.50-93.30 support area, right where the 100-Day SMA resides, or the 90.00 level. Meanwhile, should the pair hold above the 95.80-96.50 support area, we would see a new surge towards the strong 100.00 resistance. A break and consolidation above this level would expose the next long-term upside target by the 110.00 resistance.
Edward Smith, technical analyst of company Admiral Markets.
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