Friday's squeeze higher was capped at 1.3160 and following retreat found support at 1.3060, which according to the FXMarketAlerts Team, is a key level to maintain the near-term uptrend: "The mkt. peaked at 1.3163 on Fri and the initial reaction off the top was held at 1.3055/60. This is first sup. now and a break here would suggest a further decline to next sup. area at 1.3000/10."
On the upside, 1.3123 level would encourage bulls for further recovery, says the FXMarketAlerts Team: "A move above today's high at 1.3123 should swing the bias back to the upside."
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