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EUR/USD: potential for down-trend to renew

Published 01/29/2015, 06:08 AM
Updated 07/07/2019, 08:10 AM

The pair has started to recover after breaking down out of the small right-angled triangle and moving lower. Although it has broken below the S3 monthly pivot at 1.1309, it has recovered now and rebounded back up to 1.1309 again, where it is currently consolidating.


The overall trend is still down and so a resumption lower is eventually expected, with a break below the 1.1223 swing lows probably indicating a move down towards the lows, with a target at 1.1110.


Another possibility is that the pair suddenly recovers, and breaks above the 1.1422 highs establishing a tentative v.short-term up-trend. Although there is considerable resistance in the way this could lead to a move higher up to round-number resistance at 1.1500.
EURUSD29

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