After tentatively breaking above short-term downtrend resistance, price action as of early Tuesday morning rose up to hit and slightly exceed significant further resistance in the 1.3300 region before essentially being rejected by that price level. Momentum still appears, however, to be biased somewhat towards the upside. Any subsequent strong break and close above this 1.3300 level could eventually work its way up towards the 1.3750-1.3850 resistance zone. In the event of an extension of the 1.3300 price rejection, key support below the current price action resides around the 1.3050 region.
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