The cross has bounced in the recent weeks and has tested an important resistance at 1.4945 (former medium term support now resistance). Below this resistance, a resumption of the downtrend is possible. This scenario would be strengthened by a break below a short term support at 1.4810 paving the way to 1.4595, last step before February low at 1.4381. A break above 1.4845 would invalidate this scenario and would instead prolong the recovery. Short – stoploss @ 1,4946 – Target @ 1,4596
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Natixis