Instead the medium term channel down pattern has set its way to guide the currency exchange rate down to the 56.80 mark. That level is also consisted with a much larger scale level. Moreover, close by a monthly is located close by.
The target was chosen as it represents the low level of August 2017. Moreover, it is consisted with various other levels of significance. For example, an inverse Fibonacci retracement level of past high and low levels would be located at that level.
In regards to the future, Dukascopy analysts expect that the rate will trade rather flat until it reaches the resistance of the upper trend of the active channel down pattern. Afterwards a break out to either side will be possible.
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