Based on the monthly and weekly chart we believe the pair won't retry the lows at the 12.40 price level, but will instead push through resistance at the previous weekly high at around 13.60.

Selling pressure is expected for August and the bullish move to happen sometime in September perhaps prompted by bond-buying program-related news and other signals from the FED. Lots of uncertainty remains and will remain for the rest of 2017 though, mainly political-related.

Nevertheless, based on technicals a bullish movement to 13.81 or higher seems possible.

CHARTS (monthly / weekly)

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