Price Action Context

 The pair traded within a with-trend corrective structure between July and October last year, but ending the year, price slowly started to roll over. In early January this year, bearish order flow increased and a key support was taken out by the impulsive move lower, which changed our LT bias to bearish. The broken support has since been tested as resistance 3 times and held cleanly every time.

 Trending Analysis

 LT Bias is bearish and bears can look for possible trading opportunities on pullbacks into the key resistance.

 Key Support & Resistance Zones

 R: 1.3600 – 1.3640
S: 1.3440 – 1.3470

Trading Foreign Exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advisce from an independent financial advisor if you have any doubts.

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