Weekly support from the steep uptrend line drawn from .9706 is 1.0647. The most recent low is 1.0643. A break below this opens up 1.0570 and 1.0444.
It's also possible the pair will base here. Watch momentum on the shorter-term charts. For example, on the one-hour chart, there is positive divergence with RSI.
Thursday, May 5, 2011
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