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EUR/USD Hits Resistance Just Below the Trendline

Published 08/29/2012, 05:38 AM
Updated 02/02/2022, 05:40 AM
EUR/USD
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BIRG
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EUR/USD:

The market has formed what is called a bearish engulfing candlestick. This occurred just below the top of an increasing wedge pattern. There is resistance at 1.2589. Break could test 1.2747 and then 1.2842. A move below 1.2465 might lead to some consolidation. There is also support at the trendline at 1.2359.

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Disclosure: Ava Capital Markets Ltd (“AVAFX”) is regulated by the Central Bank of Ireland.

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