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An important key level was located around 1.0505. This was the key level for the previous weeks movement as the re-closure below it enabled the pair to break down 1.0455 as well where the lower limit of the depicted consolidation range was located.
The nearest support zone was located around 1.0250. On September 19, the pair expressed a false breakdown reaching 1.0180 where an obvious bullish rejection was expressed to get the pair back above 1.0250 again resulting in a bullish Hammer weekly candlestick.
As expected, the bullish momentum was expressed at retesting of the lower limit of the ongoing channel around 1.0280 pushing it higher towards 1.0460, and then 1.0500 which was bypassed.
The price level around 1.0570 remains the nearest support level for the pair.
Last week, the bulls established an ascending bottom around 1.0400 after a period of consolidation between 1.0400-1.0500.
Daily fixation above 1.0475 enabled the pair to reach 1.0575, 1.0600, and then 1.0650 where a previous top "established in October 2011" is located.
In the previous articles, the price zone of 1.0650-1.0700 was suggested for a possible sell position, some profits were taken at 1.0570 to avoid the current bullish rejection.
Failure to breakdown of 1.0570 opened the way again towards 1.0650 for further retesting. Our position is still intact and running in profits, SL should be lowered to 1.0690.
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