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Medium Term Strategy: Forex Pair of the day
The pair struck against a strong resistance area at 0.954 and is ready to draw another leg down. The 0.954 is a key polarity level (former 2014-2015 support now acting as a resistance) and also the level of the 200-day moving average. In addition, the RSI struck against a strong resistance area and is reversing down. As a consequence, as long as 0.954 is resistance, a corrective move towards 0.906 (May bottom) and 0.885 (congestion area) is expected. Alternatively, a break above 0.954 would open the way towards 0.986 (April top) and even 2015 top at 1.024.
Intraday Technical Strategy