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A fall back to test the secular trend followed. Since no extended breakdown ensued, a sideways range has been in place ever since. There is a large saucer shaped pattern between $1060 and $1420, which characterizes price accumulation. Our momentum studies also remain in a bearish holding pattern...
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The U.S. dollar gained against the euro on Thursday after the European Central Bank raised growth and inflation forecasts for the euro area, but stuck with its pledge to provide stimulus for as long as needed. Draghi maintains accommodative stance. But US dollar is weak as well...
