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The 200-day SMA, alongside the 50-day SMA were recently able to reject downside attempts, confirming 92.40 as a key support level and downside barrier. The price has formed a major hammer candle at 92.40 for the second time, as shown on the daily chart above. Accordingly, a bullish rebound is possible as long as 92.40 is holding. Only a break below 92.40 would signal a bearish reversal.
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