Its been bull all the way ever since i made a double bottom around the 1.48X level for the pair. The pair after failling to breach the 1.66 level multiple times its looking to correct from the bull run it had so far. Incidentally the pair has also made a head and shoulders pattern which is bearish coupled with the correction and going by the fib retracement, on break of 1.62298 the pair should be testing 38.2% retracement level around 1.596 level. the 1.6229 - 1.6303 level will be a demand zone and hold the pair for a while going by the previous support and resistance level. So caution must be exercised along this level, but over the trend seems to be on the selling side in the coming weeks in my humble opinion and analysis.
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