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The bulls are in control here on both the daily and weekly timeframe however their dominance is coming under threat as it appears the bears are sharpening their claws. Since the bulls took the upper daily BAT resistance level of 1.6554 they have really failed to make any progress and even produced a breakout failure. We are currently hovering right around the 60 day SMA and the 55 week EMA and should these levels be taken to a close I fear for the bulls. Taking this into consideration I would rather sit on the sidelines and see if the bulls can hold the MA levels or the bears can take them out. Should the latter play out the bears will have their sights on the lower daily BAT support at 1.5984 which if taken would be an important victory for the bears in the overall battle and open the way for a move to the 1.5 level initially where the weekly BAT support is situated.
Cheers
Foggytrader