The pair has been moving in a sideways trend since achieving its first target of the 110.90 mid-month rally … The possible bullish scenario remains intact as long as the pair remains within the channel shown on the four-hour chart and may be heading to its second target at 111.70 then 112.50 as a third target.
A break of the 4 hour closing channel below 109.90 might be enough to end the bullish scenario and the price could then head to 109.25 as the first target and then 108.50 as the second target.
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