The overall trend is upward. The currency pair is trading in the range of 365 and 135 moving averages. Awesome Oscillator indicates a bullish divergence. A breakout of the resistance level 75.44 will result in the formation of an ascending wave pattern within the overall uptrend.
The pair is trading below the resistance level of 1.1900. Global weakness of the dollar is expected to escalate amid the apparent problems in the US economy and the massive stimulus by the Fed and the Treasury, which turn the dollar from a safe-haven currency into a funding currency. …
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