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We have a massive, almost 4 month long pattern which emerged in the 4H chart. To be honest, we could observe the manifestation of this pattern on the 1D chart as well, however, this pattern can be analysed in more detail. Pattern has the maximum magnitude rating, which looking in to the chart is well established and definitely promises good trading on volatility and momentum opportunities. Short and long term technicals point at further appreciation of the pair. Medium term technicals, however, give neutral outlook. Most likely this is due to the pressure coming from 6 month high at 7.46.
© Dukascopy Bank SA