Looking at the above chart we see a rising channel formed which was followed by a false break higher. This has led to near-term weakness. I favour a continuation of this weakness but favour it to stall near 1.5803. This may then provide a selling opportunity on a bounce back towards 1.6500/1.6600. Stops should be placed over the annual high at 1.6745. Medium term I favour a correction towards 1.5200. Click on chart for a larger image.
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