By looking at a daily chart we clearly see that the pair is going in a down trend since May 2014, and since last April, the pair have been consolidate between the ranges 1.1 to 1.4.
The price in recent days dropped below 20 moving average, and by looking at the RSI we have a way to go before we’ll start reaching oversold areas.
So will it continue downwards?
This week events, can cause a real movement up or down in the pair. We will wait for the final conclusions whether Greece will stay in the euro zone or not, which is strongly depends on Sunday the 5th referendum.
On Monday the 6th, the ISM PMI in United State is set on positive forecast. Positive outcome might strengthen the US dollar.
We expect high volatility on Wednesday the 8th, during the Federal Reserve minutes, and on Thursday the 9th during US unemployment report at 12:30 GMT.