Tentative pause ahead
Societe Generale FX technical strategy research, sees the 1.2460-1.2500 area as a crucial level and as such think that a tentative pause can't be ruled out once this is achieved. Weekly stochastics has now reached a pivotal floor.
They write:
"SHort term, the pair has reached a lower bound of an hourly channel, however, a move beyond immediate hurdle at 1.2620 is needed to signal early signs of recovery."
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