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From a technical perspective, last week’s corrective pullback stalled near the lower boundary of a three-week-old upward sloping channel. The mentioned support, currently around the 1.3735 region, should now act as a key pivotal point for short-term traders. A sustained breakthrough, leading to a subsequent slide below the 1.3700 mark will shift the near-term bias in favour of bearish traders. The pair might then accelerate the fall towards intermediate support near mid-1.3600s before eventually dropping to the 1.3600 round figure.

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