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Accordingly, while we would expect the market to remain overall bullish in this situation, the resistance at 1.0237, namely the upper border of the upward-sloping channel, is unlikely to let the currency pair advance further in the near term. Instead the supply area is supposed to initiate a sell-off down to 1.10. There the currency pair may restore the bullish momentum and commence a recovery, even though at the moment the technical indicators are mixed on all three relevant time-frames.
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