December seems poised also to end positively, but with the pair at current levels, a relevant recovery is still out of the picture. The 23.6% retracement of the yearly decline comes at 1.1530, while the 38.2% retracement of the same slump is located at 1.1725, which means that the pair would need to escalate 300 pips and reach levels not seen since last August to have chances of a more sustainable recovery. The 61.8% retracement of the same rally comes at 1.2040.


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