The pair remains clearly bearish in daily and weekly charts, and even turning to 4 hours, we see the pair also pushing to the downside despite flat indicators. Under 90.46 we could see the pair running quick to the 90.00 zone, followed by the zone between 89.50/40, and under this last, chances are of a retest of last Friday’s minimum. To the upside, see the 4 hours descendant trend line we have: the pair is unable to break above, so I believe only above 91.10/15 we could see some bullish continuation to 91.56 and finally the zone @92.00.
I believe by this time, I’m not the only one in an intervention watch; intervention will take place only if we see somemore sharp falls there as we have seen on Friday, as excess of volatility is not what the Group of Seven prefer at this time.
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