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Although the pair gained on Friday to close the week, the pair formed a false break being unable to close above the weekly consolidation. The rejection from the false break is almost 50% of the entire price action for the day, communicating a healthy amount of sellers (yet not enough to dominate the day). I still think there are buyers willing to take another shot at the upside, but there are several levels they will have to contend with. Such as;
a) 1.2636 (Friday’s high at Jan. swing low)
b) 1.2688 Jun. 29th Spike High
c) 1.2739 June Monthly Highs
Sellers can look to park shorts around these levels targeting a pullback to 1.2500 while bulls would be likely …... Keep reading