After a very impressive decline which lead the pair below parity, the pair is consolidating above its parity level.
We might see some consolidation going forward considering the over-extended bearish move started at the beginning of last week. A break above 1,0420 would expose further gains towards 1,06 (daily 20 moving average coinciding with the 50 and 100 MA).
We think that a major reversal might be in place and we will keep a close eye on the coming develpments.
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