This pair had been consolidating quite nicely for quite some time, between the 0.97 and 0.9750 areas, when Wednesday saw a break down below the bottom of that range. Thursday saw a complete reversal of fortune, and who the chart looks like the support might run even deeper in this pair than originally thought.
However, the first sign of an oil price spike could see this pair break down again. The overall bias is still bearish, and has been for 2 years. This hasn’t changed, no matter how stubborn it has been. Any close below 0.97 still warrants a sell, and any close above 0.98 still suggests a buy.
