The 50% Fibo retracement from 1.0580/.8850 comes in near .9715 and the market is respecting this level and it’s attracting some profit takers (see chart). The 200-DMA sits near .9750 and this will also provide resistance. Short-term charts are exhibiting overbought tendencies and we may see a period of consolidation whilst they unwind. Support levels start now at .9630.
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