As apparent on the chart, the rate was reluctant to move below the monthly S2 last week; however, the strong sentiment late on Friday pushed it down to the 23.60% Fibo retracement near 149.00.
Meanwhile, the pair has approached a short-term dashed trend-line. In case this line and the combined resistance of the monthly S1, the weekly PP and the 55- and 100-hour SMAs circa 151.50 are breached, a subsequent surge, possibly up to the 154.00, is likely to follow.
On the other hand, the failure to surpass 151.60 should send the pair for a further decline down to 148.00 where the monthly S2 and the weekly S1 are located.
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