Dips in the have found buyers near the 61.8% Fibonacci retracement at 1.6300 level. However, horizontal resistance all summer has been at the 1.6600 level, and just above that is the 200-day moving average. The 200-day moving average has been a substantial support/resistance level since the end of April. A sustained break of the 200-day moving average is needed, but if that happens, the risk of a quick move towards the 1.7000 level would be in the cards.
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