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EUR/USD: trading in a range

EUR/USD: trading in a range

EUR/USD pulled back from the 1.3645 highs and is now moving in a sideways range. Apart from the sharpness of the initial leg down, there is nothing to indicate that this is anything more than a correction of the short-term up-trend. The initial bearish momentum has faded reinforcing the likelihood the dominant up-trend will resume, either now or after some more consolidating. The next up-target is a retouch of the recent high at 1.3645 followed by the R1 monthly pivot at 1.3692 (with key highs at 1.3710). A move below the 1.3553 lows would confirm a bearish continuation of the correction lower, probably to a target at 1.3463.


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