Dollar’s intra-day rally and the breach of indicated resistance at 1.0561 suggest low has been formed at 1.0394 and consolidation with upside bias is seen for retracement of recent decline towards 1.0618, however, above there is needed to retain bullishness and signal a stronger correction is under way to 1.0646 but reckon 1.0676-78 (previous resistance and 38.2% Fibonacci retracement of 1.1138 to 1.0394) would limit upside.
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