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Pair has maintained a mildly bullish trend since the end of April till the 1st of August (start of the pattern) thus we should perceive this Channel Down pattern as a bearish correction. Due to the volatility in the period of mentioned appreciation Fibonacci retracements seem to have no effect on the pair. From the perspective of the daily pivots the pair is already trading at the lower limits thus we are much more likely to see some bullish action. Such scenario is suggested by the Stochastic indicator as well. From the perspective of weekly pivots pair is just slightly below the pivot point, that explains neutral aggregate outlook in the short and medium term technicals.
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