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EUR/USD: pair moving lower towards 1.2499 lows

Published 10/31/2014, 07:25 AM
Updated 07/07/2019, 08:10 AM

Not much change in my analysis of EUR/USD: mainly I see it not completing its move down to the 1.2499 lows. The broader trend is bearish and we are now moving in line with that broader trend.
Nevertheless because we are still broadly in a sideways consolidation I'd be cautious about shorting the pair, and if I did I would maintain strict money management rules on any such short trades. One possibility would be to sell at a break of the day's lows at 1.2540, targeting the 1.2499 lows - or a few points above.
Ideally I would want to see a break below the 1.2499 lows to really confirm more downside, however, such a break would probably target the S1 monthly pivot situated at 1.2411. Although pivots will change on Monday for the new month of November, the new monthly S1 pivot will probably be at the same level as October's.
EURUSD31

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