traded lower yesterday, breaking below 141.50, which is the lower end of the sideways range that had been containing the price action since Dec. 5. Although the rate has paused near the 131.40 level, the dip below 141.50 has turned the outlook from neutral to bearish in our view.
A clear break below 131.40 could pave the way towards the 122.00 zone, marked by the inside swing high of Jul. 23, the break of which could extend the fall towards the low of that day, at around 113.00….
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