The pair was in bear path after it broke below the 50-day moving average at 9.7314 last week. Today’s sharp drop after the Riksbank decision pierced the 100-day moving average, giving the bears extra strength. Immediate support for the pair stand at 9.5588 daily low and then at 9.50 the low from August 14th, before a test of the 200-day moving average at 9.4649. On the upside resistance stands at 9.6474 daily high, while more offers will emerge at 9.6962 he high from October 21st. A convincing break above might open the way for a visit up to the 50-day moving average at 9.7314Download our latest quarterly market outlookfor our longer-term trade ideas.
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