Monthly chart:
Current medium-term downtrend has broken longer-term uptrend, which is marked on the chart as trendline that supported the pair in 2009, 2010 and 2013. After trading down to below 1.50 in January, the pair reversed almost all sub 1.55 losses in February and looks poised to break higher. In the event that the downtrend resumes, July 2013 low at 1.4813 should provide initial support and, if that gives way, there's little to stop the decline until May 2010 low at 1.4228.
Weekly char…
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