The pair might be in the process of carving out a double bottom formation on the weekly chart which would open the door to a major reversal this year.
To confirm this bullish outlook, we need to see a clear reversal on the daily chart represented by the 20 moving average which is currently being tested. A break above 0,96 would expose 0,97 and validate a potential shift in the trend.
Inversely, a daily close below 0,95 might expose a resumption of the main bearish trend with a risk of further decline.
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