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Tuesday’s bar in this pair was extremely bullish, and has reached the very top of the recent resistance, closing at almost the highs of the day. With this kind of action, it appears that we are heading back into the former and larger consolidation area between 0.98 and 0.93, which lasted for several months.
The 0.9370 level will more than likely decide, as any move higher than that would confirm the pair wanted to reenter the previous zone. A failure to reach that area shows that the move has hit a brick wall, and could see a drift to 0.92 before too long.
