Failure to extend intra-day rebound from 1.2980 suggests further consolidation would be seen and indicated minor support at 1.2977-80 must hold for prospect of another bounce to 1.3055/60, then towards yesterday’s high at 1.3107, however, break there is needed to signal recent upmove has resumed and extend towards 1.3145/50 but reckon 1.3170/75 (1.618 times projection of 1.2732 to 1.2966 measuring from 1.2794 as well as 50% projection of 1.2151 to 1.3029 measuring from 1.2732) would limit upside.
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