Pivot (invalidation): 110.65

Our preference Long positions above 110.65 with targets at 111.05 & 111.25 in extension.

Alternative scenario Below 110.65 look for further downside with 110.35 & 110.10 as targets.

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Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The pair is supported by a rising trend line while challenging a key threshold at 111.

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