In recent weeks on this instrument, price was stuck between two important levels 1.40 and 1.50 with some quick spikes during last months of 2013, as seen in this weekly chart:
Why the reason for these two levels to be so important, can be easily explained by considering a larger period of time.
  1. Clear supply pushed price lower, consolidating old downtrend to reach lower supports.
  2. Price did a quick breach on downtrend, after the important bounce on 1.40.
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