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The pair’s near term outlook is now tilted towards the bearish side while solid contention emerges at 1.2865.

Key Quotes

“Technical trends in funds have been choppy for the past few days but the salient feature of the longer run chart was last week’s soft (technically bearish) close for the USD which tipped near-term balance of risks to the downside for this market”.

USD losses below support in the 1.2980 area yesterday paved the way for a test of more important support at 1.2890, the late Aug low. We spot major support just below here at 1.2865. Intraday, we expect resistance at 1.2980″.