Current Price: 1.9852
Rate has a very clear technical pattern and a slight rally is very likely but should hold the 1.9950-2.0000 area on a bounce. Traders note the rate is attracting cross-spreaders who are buying for Yen which should keep the upside pressure on near-term. Look for a test of the 1.9950 area to fail as that level is previous major S/R which has turned resistance. Stops likely under the 50 bar MA and a close under there likely to cause the longs to bail. Bears trying to get control and when they do itâ€™s new lows I think.
Analysis by: Forexpros.com written by Jason Alan Jankovsky
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