That is an area that should continue to be of importance, as it is essentially in the middle of the overall consolidation area that we have been in for a while. To the upside, the 1.1375 level has been resistance, and it certainly looks as if the 50 day EMA is trying to drive down through it in order to cause even more resistance.On the other hand, the 1.
Keep in mind that typically “consolidation means continuation”, and therefore you have to look at this through the prism of consolidation after a huge move lower. Ultimately, this is a pair that tends to be very choppy and therefore it is not surprising at all that we have gone sideways for well over a month.
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