The price has recently made a breakout of the descending triangle pattern, that we have identified in our previous analysis on this pair. The breakout direction is bearish. The price is now approaching a strong area of support and resistance. We are expecting a bullish bounce from there, as the price needs to make a correction of its bearish movement. After that, we believe that the price should be heading further in the bearish direction.
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Feel free to grab a copy of our Free Weekly Market Outlook here:
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