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EUR/USD: conslidating in short-term down-trend

Published 04/24/2014, 06:21 AM
Updated 07/07/2019, 08:10 AM

Despite a bullish medium-term outlook the very short-term trend on the 4-hour chart remains bearish for EUR/USD. After some volatile activity yesterday the pair remains trading above the 50 day-MA. A move lower could see price action slide down to this moving average at 1.3792, where it would be expected to encounter substantial support, given it has so in the past and may well do so again in the future. A further move down to 1.3760 where the 2008 trend-line is situated is also possible. A break below 1.3810 could provide confirmation of such a move. Alternatively a break above 1.3783 would be key in reasserting the up-trend, probably closing the open gap at 1.3880.
EURUSD24b

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