Current Price: 2.0017
Rate rallies into stops between the 1.9900 and 1.9980 area and maybe follows higher on active buying in sympathy with EURO; 100 bar MA offering resistance near term and no test of the 2.0050 area so far which is major resistance in my view. Longs likely have stops close-in so watch for a pull-back to gain momentum should the rate fall back to the 1.9950 area; traders note light volumes on this rally so it could be a classic bull trap. If not stopped out of the shortâ€”sit tight another 24 hours.
Analysis by: Forexpros.com written by Jason Alan Jankovsky
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