The pair remains prone to sharp downwards price movement.
I wrote last Tuesday that the price was trading in a range between 0.7102 and 0.7170, with a prospect of sudden breakdown caused by deteriorating risk sentiment due to worries over the Fed’s tightening of monetary policy and the prospect of a military conflict between Russia and Ukraine. I was therefore looking to take a short trade from another bearish rejection of 0.7170, which set up, but turned out to be a losing trade. The price also ended up above 0.7170 so this was not a successful call.
The recent price action has had the effect of invaliding former key levels nearby, leaving the price looking likely to consolidate within a wide range between 0.7100 and 0.6963.
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