The current level at the time of writing is 1.0566 and trading below the falling 40 week moving average of 1.0823. The overall technical picture is bearish due in part to the interest differential in favour of the US$.
A US government shutdown could however reverse the current negative trend. A weekly close below 1.0546 would open up further downside potential toward the Fibonacci 61.8% retracement from the top marked at 1.0277 based on the last 12 month trading range of .9690 to 1.1227.
Disclaimer
Our opinions are not a recommendation to buy or sell a security. Your decision whether or not to open a transaction should be based on your own due diligence and not on any representation we make to you.
