Technical indicators suggest that the rate should soon reverse to the upside. The rate hindering near the upper channel line suggests that the overall sentiment might actually change in favour of bulls.
This scenario should be confirmed if the rate overcomes the nearest resistance cluster formed by the weekly PP, the 200-, 100– and 55-hour SMAs in the 0.7815/30 territory.
The upside target in this case could be the monthly R1 at 0.7916.
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