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Today, U.S. President Donald Trump is scheduled to speak. Investors, already aware that he might throw in something unexpected, are reducing part of their long positions in the pair just in case, which could lead to a corrective decline.
From a technical perspective, the pair is showing a local reversal downward after strong growth the previous day, driven by market reaction to the theme of a September Federal Reserve interest rate cut.
The price is above the upper Bollinger Bands line, below the 5-period SMA, but still above the 14-period SMA. RSI is above the 50% level but shows a clear turn downward. The Stochastic has already crossed the 50% level and continues to decline.
A drop in the pair below the 1.1680 support level could lead to a corrective fall toward 1.1600. A potential entry point for selling could be around 1.1674.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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