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However, considering that the currency pair is currently approaching the upper boundary of the upward-sloping corridor at 11.1329, which is reinforced by the weekly R2 and the monthly R3, the near-term risks are heavily skewed to the downside, even though daily and monthly technical indicators are presently bullish. Therefore, we are likely to see a decline down to 10.1328, where the up-trend support line merges with the monthly S1 and the 200-day SMA, thereby making it highly resilient.
© Dukascopy Bank SA