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July, I wrote that the price may drift down to the nearest support level at $1.0874. A long scalp might be a potential trade there, but I thought this would be unlikely to work out well due to the major US public holiday.
The technical picture now is much more bullish, due mainly to the general and prolonged weakness of the US Dollar, which has accelerated since Friday last week. US inflation data which will be released later today is expected to show a sharp drop to 3.1%
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