EUR/USD: continued its rebound from 1.2042 to a high at 1.2589 last week. The market looks like it has formed a temporary top there. As of right now, the EUR/USD is staying above a near term support at a trend line. The rise from1.2042 is might continue. A move above the resistance at 1.2589 can test the 50% retracement at 1.2747. A move below the trend line support, at 1.2348, can test 1.2255. This could also indicate the rebound from 1.2042 is over.
Also check out our brand new “How to Video” series. This video is on trend lines.
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