After the explosive rally up to the highs at 1.4282 the exchange rate has pulled back to support just below the S1 monthly pivot at 1.4180. At the moment it is moving sideways in a consolidation pattern which could break either way. A downside breakout would target 1.4090 and an upside breakout which could carry the pair higher, perhaps as far as the breakout target in the region of 1.4450, or even 1.46 where price will meet an important trend-line connecting the ’08 and ’09 highs.
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