The pair remains under pressure after a new fail to establish above 0,97. The recent bullish bounce turned to be a simple pullback on the daily 20 moving average now resistance.
We still think though that the market might be in the process of building a material base on top of 0,9550 level tested several times lately. To confirm this scenario, we need to see a break above 0,98 over the coming sessions so there will be enough time to put a strategy in place.
Over the immediate term, 0,97 will certainly offer a great resistance.
A break below 0,9550 exposes multi-year low at 0,9450.