The pair has been consolidating between 118.85 and 117.10. The 115.50 levels are helping the pair to push towards northward. The weekly support exists at 115.00 and 20Wsma. In case if the pair closes below 115.00, we can confirm the broadening top for the near and medium term. The rate hike bets favors on the US dollar. The policy makers have repeatedly announced their plan to raise interest rates during 2015.The pair closed and trading below 50Dsma and 118.70. In case the pair closes above 118.85, it can challenge 119.90 and 120.50. The weakness persists below 118.00. We recommend selling below 118.00 with the targets at 117.60 and 117.25. On a positional basis, until the pair holds at 117.00 and trades above 118.85, it can give another stellar show towards 120.00+. In case if the pair breaks below 117.00, it can extend its fall up to 115.00 and panic will be triggered below the 115.00 levels.
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