Bernanke's speech in Jackson Hole surely marks the trend for the next few weeks. Is it possible that in his words there is a promise of quantitative easing? Despite the Federal Reserve Chairman Bernanke is trying to do more or less to ease the situation, there is still a big problem in Europe.
Therefore, our outlook remains bearish for this pair, below the level of 1.27. Only a daily close above this level could change my mind about this pair.
Therefore, we recommend selling if see a bullish rally to the level of daily fractal 1.2680 and strong resistance level with targets at 1.2465 and 1.2343.
Currently the pair is in an uptrend channel, but in overall the pair has a strong downtrend.
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