The pair continues gains and in a sort-term could reach the 200-Day SMA by 1.5950. However, daily studies are overbought suggesting that additional gains should be capped by the 200-Day SMA, so we look for a bearish reversal from 1.5900-1.5950 and a setback towards the 100-Day SMA by 1.5660. Breaking below this level would accelerate declines towards the 1.5500-1.5550 support area, right where the 50-Day SMA resides.
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The uptrend is still capped by 1.3200, so we see the risks of a decline back towards the 50-Day SMA by 1.3060, with a break below to confirm setbacks towards the 1.2875-1.2930 support area. Meanwhile, should the pair break and hold above 1.3200, the uptrend will likely continue towards the 100-Day SMA by 1.3350.
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