On the technical aspect, the pair has formed and is suppressed by the key resistance at 1.3400. Although its rebound from 1.3260 is sharp and strong, the top divergence is forming. That should confirm completion of rebound if it fails to break 1.3400. Failure will carry larger implication, intraday bias is back on the downside for of 1.3260 to 1.3465 at 1.3365. Further decline should be seen to 1.3335. Upside, though, break of 1.3400 will turn focus back to 1.3440 and 1.3465 resistance instead.
The target is 1.3335.
Turning point: 1.3400.
Under 1.3400, , target price is set at 1.3365, then 1.3335.
Above 1.3400, , target price is 1.3440,then 1.3465.
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