The pair has been under pressure the most part of monday’s session with a decline towards a first support level at 0,98 corresponding to a 38% retracement of the previous rally.
We might see a continuation of the retracement towards 0,9650 (daily 20 moving average).
The overall bullish structure is not in question but we will keep a close eye on the coming developments. A daily close below 0,9650 would negate the bullish outlook over the short term and expose a new test of the multi-year low at 0,94.
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