Such a scenario might find sellers at the Tokyo session reaction high / 50% fibo of 1.3283-1.2553 at 1.2920. Further advances give scope to a return of yesterday’s breakout level / 20 and 50 day SMA’s at 1.3020/25. A resumption of the downward move from 1.3134 opens the door for a test of the 61.8% fibo of 1.2551-1.3235 at 1.2813 with a break below finding the 50% fibo of the bull move from 1.2235 at 1.2760. Similar to the other majors, MACD is in pre-breakout form with a recent cross very close to the 0 line.
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