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The pair broke above the 1.2385-1.2445 resistance area, right where the 50-Day SMA resides. Should it hold on its gains, the uptrend will likely continue towards the 100-Day SMA by 1.2620 or higher towards the 1.2700-1.2750 resistance area, which contains the resistance line of the long-term descending trend channel. However, a break back below the 50-Day SMA would negate this scenario and aim the pair for testing the 1.2000 level.
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