The 1,6240 support broken on Wednesday has now become resistance and is currently being tested following yesterday’s pullback.
The outlook remains bearish and we might expect a test of the daily 200 moving average at 1,6090 later on today or in the beginning of next week. In this event, a middle term bearish resumption would be confirmed. A clear break above 1,6240 though would alleviate the downside pressure and allow a bullish development.
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