A short term bottom is likely formed at 1.5589 on bullish convergence condition in daily MACD. Further recovery would be seen to 55 days EMA (now at 1.6025). But we'd expect strong resistance from 38.2% retracement of 1.7190 to 1.5589 at 1.6201 to limit upside. Break of 1.5589 will extend the decline from 1.7190.
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