The monthly chart has played out to the pip and found support at 1.05162. However, I think it is wise to wait for the potential USA and ECB bank contagion to play out first. With the ECB on tap tonight and the FED next week, we are in for a bumpy ride.
It would appear that there is a degree of safe haven flows int USD because the Dollar index has bounced off the 103.46 level for the third day in a row.
The JPY is of course the ultimate recipient of safe have flows.
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