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EUR/USD Takes 1.38; 61.8% Retracement is the Next Challenge
1.38 taken, low momentum: The EUR/USD tested the 1.38 mark as resistance several times during the 10/22 and 10/23 session. The 1H chart shows that the market pushed above the 1.38 resistance but retreated during the 10/24 European session. Then it held above a rising speedline that comes up from the 1.3472 Oct. low. The market remains bullish in the near-term for the 10/24 session, but the momentum might be slowing. 61.8% retracement: Nonetheless there is still near-term upside toward the 61.8% retracement level at 1.3832. However, if momentum continues to be underwhelming, consider a possible correction...
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- Loadedgun
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