has spent most of the month of March consolidating in a very tight range and pullbacks have been shallow despite the move higher in “risk” during the last several weeks. This could lead to a move higher in the coming days as the pair has held the 61.8% Fibonacci retracement of the last 30-day range at 1.6485 and broken the descending trendline. A move above the 1.6750 level and 50-day moving average would target back above 1.7100 towards the 50% retracement level.
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