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If we look on the hourly chart we can clearly see that the pair is trading in a sideways mode. There has been two rejections of the support level and twice as much rejections from the resistance level. In my opinion it indicates that there is more supply than demand which in turn means that price should go down. If You enlarge the image You are able to see that last low was lower than the previous and was followed by a higher high. This often times is done to gain the momentum in order…
