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EURUSD consolidate already 5-weeks at 1.12.

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  • #16
    Apparently the rally continues, though we will have to wait for next week for the pair to break out above 1.1700.

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    • #17
      EUR/USD pulled back from 1.1680 after all. EUR/USD has reached a strong resistance on the weekly and monthly time frame. I think it is very possible for us to see a deeper correction - up until the pair reaches 1.1400 or even 1.1250. Such a correction, obviously, won't develop over the course of a couple of days, it could last for weeks.

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      • #18
        EUR/USD remains bullish after all and the closest target to the upside remains at 1.1700.

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        • #19
          YWxmTRu.png

          The pair broke out above the trend channel and its first target will be around 1.1770. I think there is a possibility for this breakout to lead to a test of the local high and after that there could be a corrective drop. In the alternate scenario the pair will form a new high.

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          • #20
            8hxU53Y.png
            Should EUR/USD test the support trend line of the RSI indicator the daily time frame that would be a strong indication for a new move to the upside. This scenario would be invalidated if the pair breaks out below 1.1400, which could be a signal for a drop to 1.1000.

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            • #21

              It occurred to me that the NFP will be this week again. Whatever EUR/USD does for the rest of the week, prior experience dictates that the true movements will probably happen on Friday.

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              • #22
                EUR/USD rallied a little further and finally broke out above 1.1800. After the NFP and depending on the data they release could possibly expect a rally to 1.2000.

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                • #23
                  I think I will wait for the NFP data before I trade the EUR/USD in any way. Those news always cause a lot of volatility.

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                  • #24

                    The NFP caused a big drop, I think the pair will reach 1.1800 again. I am not sure whether this is the end of the rally though.

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                    • #25
                      Predictably EUR/USD is retracing after the big drop on Friday, but the pair will likely continue dropping once that correction ends, at least until it tests the support at 1.1700 once more time.

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                      • #26
                        CNP8C6S.png
                        EUR/USD continued its corrective movement to the upside after all, and is now at the middle line of the Bollinger Bands indicator on the 4-hour time-frame. I think that from here it could either retest the last high or bounce off from the current resistance and continue falling.

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                        • #27
                          W75r77S.png

                          EUR/USD remains bearish today while testing the support at 1.1725. The possible breakout below that level could lead to a further drop to 1.1700 and below.

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                          • #28
                            The pair is so undecided for the moment that unless the fundamentals give it a necessary push it may not exit the range before the market closes later today.

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                            • #29
                              The fundamentals did give the pair the required push and it started rallying. Not to mention that it had formed a pair of inverted hammer bars on the daily time-frame above 1.1700. All that said, the renewal of the bullish trend won't be confirmed before the pair breaks out the previous high at 1.1910.

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                              • #30
                                It appears that the pair has begun a sideways consolidation between 1.1700 and 1.1850. The question is how long that will last.

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