Current Price: 1.9828
Rate holds below the 1.9950 area after rallying into that area today, look for the rate to bounce from the 50 bar MA again overnight with large stops likely out of reach at the 1.9780 area. Bids said to be at 1.9800/10 again with offers again on the approach to the 1.9880 area suggesting the rate will remain range-bound the next 24 hours. Aggressive traders can sell the next attempt at the 1.9880 to 1.9950 area for the next leg lower; I think the rate is due to follow-through sooner-or-later but is two-way now.
Analysis by: Forexpros.com written by Jason Alan Jankovsky
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