"INDICATOR OF THE DAY" - 50-DAY SMA
The 50-Day SMA is the key level to watch here with the moving average acting as a good support on dips over the past several weeks. A break and close below will be required to confirm a more significant shift in the structure. We had established a short trade this morning with the bearish outside weekly serving as the primary driver for the trade.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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