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EUR/USD – Bullish Continuation Versus Head and Shoulder Scenarios
As the EUR/USD rebounded from 1.2974, it faced a cluster of resistance on Friday. These included the 200 hour simple moving average, a counter-trend trendline, 61.8% retracement (1.3188) of 1.3320-1.2974, which was also a previous resistance pivot on 2/15 . As the trading week of 2/19-2/24 starts, the EUR/USD pushes higher, breaking above the cluster of resistance factors. The RSI also kissed 70 showing bullish momentum. This should open up the bullish continuation scenario. To the upside, 1.35 would be conservative target, while the 1.3626, 61.8% retracement and declining trendline resistance cluster ... (full story)
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FX Bunte
45 posts
The market in my experience comes back 90% off the time to the .382 retracement Fib{Why? Quote Mentor THE FX CHIEF Maybe for water I do not know}
That .382 retracement on the daily is the .618 on the 4 hour
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Nguyenngoctu
50 posts
Reach above 1.332 will confirm uptrend .
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