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CMS Daily Market Report 18th October 2022

The euro gained 1.24% on the first day of the week and closed above the 0.98020 resistance zone. According to the position of the price in the daily and 4-hour chart, there is a possibility of continuing the upward movement towards the ceiling of the long-term descending channel.

As the dollar weakened on Monday, the pound rose 1.64% to close at 1.1363. According to the price position in the 4-hour chart, the range of 1.1364 is the most important leading resistance range and the possible price reaction to this range will determine the short-term path of the pound.

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