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Brazilian Real Technical Forecast: USD/BRL, EUR/BRL
It was another week of strength for the Brazilian Real, furthering the growth story that’s continued to keep the currency bid. This happened even as the Brazilian Central Bank held rates flat at 13.75% at their rate decision on Wednesday, and there’s even been some expectation building for possible rate cuts later in the year. USD/BRL has dropped deeper into the support zone looked at last week which begins around the 4.8183 level, setting another fresh yearly low. This keeps bears in-control of near-term price action with the next significant spot of support at the 4.7083 level. On a shorter-term basis we can ... (full story)