The pair bounced from the 23.6% retracement of its previous daily bullish run, suggesting this Tuesday's decline was a correction in the middle of the bullish trend and therefore leaving doors open for higher highs beyond the 1.2300 figure. In the 4 hours chart, the 20 SMA has kept advancing below the current level, maintaining its bullish slope above the 38.2% retracement of the mentioned run, while the RSI indicator regained the upside after correcting extreme overbought conditions, now heading back up at 71. The Momentum indicator lost its bearish slope above the 100 level, further indicating the absence of selling interest. A steady recover above 1.2265 should favor another leg higher that could extend up to 1.2340 this Wednesday.
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