As with the Dollar/Yen trade, I believe that this bounce today is just back into resistance and that it has given another chance to sell for the retreat which I believe is coming back towards $1.6603 once more.
There is a downtrend intact from the high at $1.6726, while the falling 200 hour is also the basis of resistance at $1.6670, with a reaction high from yesterday at $1.6683
I have placed my stop at $1.67050 (36 pips) which is above the reaction high at $1.67010.
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