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The pair broke above the 1.5715-1.5770 resistance area, which contains the 100-Day SMA, the 200-Day SMA and the 50.0% FIBO retracement level of the 1.6301-1.5267 downside rally. Should it hold on its gains, the uptrend will likely continue towards the 1.6300 resistance over the medium-term. Otherwise we would see a new drop below the 50-Day SMA by 1.5620 towards the 1.5400 support, with a break below to extend losses towards the key 1.5230-1.5265 support area.
Admiral Markets
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