This week’s bounce from the 147.00 support area shows there is still some strength to work through before the next move lower. The short-term trendline from the May 29 low is under pressure and bulls appear to be struggling. PATIENCE is key here as the pair is either going to close back above channel support from the 2017 low or below the short-term trend line support.If it’s the former, we could see the pair move higher and if the bears manage to close below the trendline, it might signal the start of the news push lower.
Keep in mind that the 147.00 support zone could attract a few bulls on the way down and a daily close below that would open up to 144.00 support. I need to see more bears before I take a position and while the pair is below 148.20 I will remain bearish.



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