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Currency analyst

EUR/USD: bears made a stop

On the daily chart EUR/USD failed to break below support at 1.1 and formed "doji" as a result. As the high of this bar was retested, the bulls seized the initiative for a time being. The level of 1.1072 is acting as resistance. Here's 23,8% Fibo of the latest descending wave.

On H1 EUR/USD reached 161,8% target of AB=CD and resistance at 1.1038 I mentioned in the previous article. If the sellers manage to return the price to the short-term bearish channel, the risks of the downtrend resumption will increase. As long as EUR/USD is below 1,1127 (lower border of the uptrend channel, 78,6% Fibo of the latest descending wave, the market will remain bearish.

 

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