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Right now the currency pair finds itself close to the lower boundary of the corridor, specifically just above 1.2378, where the 200-hour SMA is as well. Accordingly, the risks are heavily skewed towards the rally, which will have to extend through some of the nearest resistances, including those at 1.2406 and 1.2444. The increased likelihood of a bullish move is also reflected in the SWFX traders' sentiment—74% of positions are long, 26% are short.
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