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All eyes will be on the $1.28 level, yesterday’s low, to see if the downward pressure continues. Doubtless some will think that there is some upward movement coming, although the cautious will wait for a close above $1.30.
The pair continues to hover in oversold territory, with a bounce suggesting a move to $1.35 or $1.36. A break below $1.28 would still leave this cross in the support-light zone between the current level and the 1985 lows.