The pair made a double bottom at 122.48. Support is found at 122.35 200hrsma. At today's Asian session, the pair was moving higher towards 123.65. The nearest strong resistance is seen at 123.85. Until the support held at 122.48, bulls will aim for the previous high of 125.60 odds. Bulls close above 124.50 to head towards a new high. In the four-hour chart, ascending triangle formation can bee observed in case a break on the higher side makes a way toa new high this week. Wednesday's US GDP is expected to contract -0.2%, weaker than the earlier forecast which is a positive factor for the USDX. Japanese economic data is due on Friday. Bulls have enough time to breakout higher if today and tomorrow's GDP supports the economy. Today we expect the pair to hit a high somewhere between 123.75 and 123.85.
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