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Morning technical analysis – 25 April 2014
The euro is creeping higher again this morning but the picture hasn’t really changed here. The pair is still range bound, with support being found around 1.3788, from the 50 fib level – 4 April lows to 11 April highs – and resistance around 1.3850. While it is always a concern when a fib level is repeatedly tested, rather than rebound higher following the first attempt, the level has provided significant support until this point and as a result I remain bullish for now. This is helped by the divergence being seen with the stochastic making higher lows while the price action is repeatedly testing the 50 fib ... (full story)