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EUR/USD At Week-Range High and Apex of Congestion
The EUR/USD has been range-bound all week, trading roughly between 1.2255 (the 1.2240 pivot was from last Friday, 8/10) and 1.2385 as seen in the 4H chart. Also note that the 4H RSI reading has been stuck between 40 and 60 this week, a reflection of the consolidation momentum. As we gear up for the 8/17 US session, the market sits just under this week’s range high with the RSI at 60. Also note that the EUR/USD is at a declining trendline. The market was at these price levels last Friday and a sell-off pushed toward 1.2240. Will there be the same insignificant whippy action? Looking at the daily chart, we see that ... (full story)
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