After a sharp rally which confirmed a potential long term reversal, the pair has found some great resistance ahead of parity which was expected.
Now the pressure is on the downside and we could see a continuation of the retracement towards the 0,97 support and 50% Fibonacci level.
We still encourage a bullish prospect on the pair considering the nice double bottom formation on the weekly chart but we would like to see the market establishing above parity to ensure a bullish continuation over the near term.
A break back below 0,9660 (20 moving average) would concern though and expose further decline.
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