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Uptrend In EUR/USD

Uptrend In EUR/USD

After yesterday’s very turbulent market, the price is correcting itself. EUR/USD is currently in uptrend and fundamentals also support it. According to Moody’s, PM Tspiras resign is Credit positive, so EUR got some relief in addition to a boost from falling USD and market crash yesterday. Technically, EUR/USD has broken through important level 1.1460, and any pullbacks towards 1.1450-70 could be used for potential long trades. We can see Hidden bullish pergence, which is hinting for the continuation of uptrend, and there is a strong break of previous seller zone (blue rectangle). We can also spot 38.2 and L4 confluence. 38.2 is characteristic retracement in strong trends and L4 is strong pre-breakout support. So if we get a bounce, EUR/USD could even target 1.1780 during the week.

If the price goes below 1.1405, that would negate this scenario, but the EUR/USD WILL still be bullish. The only difference would be a deeper retracement then.

EUR/USD Hourly Chart

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