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Currently, the pair is hovering around the 100-period SMA at 6.9543, after setting a minor high above the psychological level at 7.0130. The majority of the technical studies are suggesting that the current trend is likely to continue, as 1H and daily ones are pointing to the south. Nonetheless, an overwhelming majority (74.95%) of the market participants think that the pair is oversold. However, we expect that the pair will approach the daily S2 and weekly S1 at 6.9048/09, possibly also the pattern's support, before a bullish short-term move.
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