Pivot (invalidation): 108.60

Our preference Long positions above 108.60 with targets at 108.90 & 109.00 in extension.

Alternative scenario Below 108.60 look for further downside with 108.45 & 108.30 as targets.

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Comment A support base at 108.60 has formed and has allowed for a temporary stabilisation. The pair has swung back to levels above both 20-period and 50-period moving averages.

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