The short term moving averages are moderately bearish although starting to flatten somewhat which may be suggesting that the bear move off .9400 is running out of steam. Nevertheless the 15-day MA continues to offer a good resistance line and if bearish momentum can persist then a long overdue re-test of the 100-day MA at .8825 would seem likely. Below there the obvious target is the 61.8% of .84/.94 rally. A daily close above .9050 would greatly neutralise bearish momentum.
