During this period of appreciation, the pair managed to reach its six-month high of 8.4161 on December 21. After that, the sentiment took over and thus allowed for a breakout of the aforementioned long-term channel earlier this week.
It is expected that the Greenback could be tended north during the following sessions; however, this upward movement might not be very significant. A possible target in this case might be the 8.2690 area, as the monthly and weekly PPs and the 200-hour are located nearby.
By and large, the sentiment should eventually prevail and thus push the rate lower.
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