Current Price: 1.5723
Rate continues to remain trapped in near-term pennant formation as the pair is coiling and likely to make a breakout within a few days. Traders note that stops are said to be in-range at 1.5750 and if triggered expect a sharp rise to the 1.5800 area where option defense and private name sales are likely. Stops under the 1.5650 area also in play but dips under the 1.5620 area likely to be bought traders say; potential to remain range-bound today is very high. Day traders may have some opportunity.
Analysis by: Forexpros.com written by Jason Alan Jankovsky
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