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Currently, the pair seems to be on the verge of a breakout, considering that the apex of the 104-bar long formation will be attained later in the day. Taking into account the fact the pair is now vacillating only a few pips below the upper limit as well as moderately bullish SWFX sentiment – around 58% of traders on the SWFX bet on appreciation of the pair, the direction of the looming breakout may be bullish. However, technical indicators contradict to the SWFX data—the signals are bearish for short-to-long term.
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