During the previous trading week, both the impulsive waves (c) and (v) extended significantly to the lower side and is still pretty much bearish both on the daily and the weekly charts. A key resistance can be seen around 1.3040, as long as the price remains below this level, we expect a possible momentum to the lower side. The anticipated bearish price rally is the continuation of both the impulsive waves (v) and (c) and should break below 1.26 but should not go lower than 1.20.. A buy position can only be recommended in case the price break above 1.32.
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