The pair has eroded its next resistance at 0.9687/88 (78.6% retracement), noted Research teams at Commerzbank. “This was considered to be the last defence for the 0.9840 high. The 55 month ma lies at 0.9786 and a resistance line at 0.9818 and there are likely to present additional resistance ahead of a move to the 0.9950/72 zone, which represents the 2012 high.” Said Karen Jones, chief analyst at the bank. “Dips are expected to hold over accelerated uptrend at .9546 and while above here an immediate upside bias is maintained.”
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