The main scenario currently envisages a sideways phase between the rising trend channel line at around 1.25 and the horizontal resistance at around 1.2820. However, downside risks prevail. A break below 1.25 would release downside potential to around 1.2040.
On the upside, a break of 1.2820 could serve as a springboard towards 1.34. However, this is currently a clear side scenario for our analysts. We tend to expect US dollar strength.
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