SELL @ 1.1118 or BUY @ false break of 1.0957
1st TGT - 1.0918 if an inverted "U" appears to
SL @ 1.1168 have formed...
The EUR/USD has temporarily stalled weakness over the past 24 hours after a tumultuous 2-week span in which the pair suffered a near 400 pip drop. The latest breather, however, highlights a large bull channel and support at the 50-day MA and a key Fibonacci retracement (61.8% of 1.0708/1.1376).
A closer look (4-hourly chart) reveals that the short-term (bearish) structure was beginning to weaken in the form of a wedge pattern.
The final thrust lower Wednesday was also complimented by diverging
studies. That said, the recovery has been mild and most likely will have
to prove itself a bit before attracting demand. In fact over the past two
weeks, the only counter move rally lasted one day and roughly 80 pips.
This is roughly where we are now off 1.0957 even though a small
inverse head & shoulders pattern has seemed to have formed.
EUR/USD = 1.1024 21.01 GMT
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