The technical break below 122.00 gives this pair an even more bearish outlook and I suspect that the bull trend is putting in an interim top. I cannot envisage the USD putting in fresh highs in the current environment, and after a stellar couple of years, the bulls might need to take a well earned rest.
My short-term target is at 120.25 and any intraday rallies towards 122.50/75 should be seen as selling opportunities.
Medium-term dips towards 115.00 certainly look feasible given current market sentiment.
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