With the data coming soft, Jim Langlands, Founder at FXCharts, wrote prior to the economic release: "Expect a quick test of 0.8400, a break of which would potentially see a steeper acceleration towards the June 2010 low at 0.8315 and then to the May 2010 lows at 0.8066."
"As I said before, I think we are eventually heading a fair bit lower than that and still look for 0.6000, albeit a couple of years down the track. A monthly close back above the neckline, now at 0.8800 would invalidate that view, although this is beginning to look increasingly distant", Jim added.
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