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A dip through $1.4050 was swiftly bought yesterday, but the pair needs to push on back above $1.42 to suggest that the downtrend has run its course.
A failure to move on above $1.4170, which was resistance over the past two days, could signal that more downside is on its way, in the direction of $1.40 and lower. If $1.42 is breached then the next target becomes $1.4325, the high from 4 April.