from a technical point of view, the weekly chart shows that the pair keeps struggling around its 200 SMA, far above the shorter ones, and with technical indicators partially correcting extreme overbought readings, far from signaling an upcoming reversal. In the daily chart, the price held above a bullish 20 SMA, despite a couple of attempts to break lower, while the Momentum indicator heads south within positive territory, but the RSI is already regaining the upside, currently at 63, somehow indicating the bearish pressure has begun to ease.The weekly low was set at 1.1688 the immediate resistance for the upcoming week, followed by 1.1610,July 26th daily low. Below this last the pair will be undoubtedly at risk of correcting further lower, with the 1.1460 region becoming a probable bearish target.
1.1830 is on the other hand, the immediate resistance ahead of 1.1909, the yearly high. An advance above this last should push the pair up to 1.2000, while sustained gains beyond this last should support a steeper advance up to the 1.2160 price zone.
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