The pair has been rallying significantly the most part of the week, testing the 1,66 after a break above previous high at 1,6480.
It has confirmed an overall bullish outlook which started with the bounce mid-july. The pair has drawn a major bottom in 2011 and we expect a continuation to the upside with a next target at 1,6770 (2-year high).
We will remain bullish as long as 1,6300 is support (61,8% fib retracement of the current rally).
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