EUR/USD we wrote:..should be worth betting on a double top at 1.1260/70 with stops above the 1.1299 November high (on the day of the US election in November). This will need to be broken for further bullish confirmation. With NFP today bulls require a weekly close above 1.1300 for a buy signal confirmation in to next week but a sustained break above 1.1300 today would be positive targeting the September high at 1.1326 & August high at 1.1360/65.
Failure to beat 1.1260/70 as we expected forms a potential double top with shorts working now as we dip to first support at 1.1210/00. In fact we bottomed exactly here but further losses look likely for the best support for today at 1.1170/65. OK for short-term profit taking on shorts here but longs could be risky as we need to ease overbought conditions. Further losses could be expected eventually (perhaps next week) targeting 1.1145/45 then an excellent buying opportunity at 1.11010/00.
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