rice action on this pair was not able to get past yesterday’s close on the day chart by the time of the end of the London trading session. The green back looks set to continue its Bull trend for fundamental reasons but we could be about to witness a major correction. Today’s candle on the day chart has formed a hanging man, the ADX is in very over bought territory at 70 and so is the Stochastic Oscillator and above all they have been there for a few days already. Drawing a Fibonaccci retracement line from the last trough to today’s close would give the support for a possible retracement at 1.26102. I expect the week to finish tomorrow by not getting past today highs with more possible downside action from the likely correction continuing next week.

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