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EUR/USD Squeeze Has Run Its Course; What's Next? - Goldman Sachs
The squeeze in EUR/USD has run its course as the rise since Mar. 15th looks like a near complete ABC, notes Goldman Sachs. "An ABC is a counter-trend movement which, once complete, should ultimately signals that the underlying trend is likely to resume. In this case, if this is truly an ABC then EURUSD should be setting up to continue its decline. Initial resistance comes in at 1.1052-1.1099. This area includes two interim highs from Mar. 18th /26th and an interim low from Jan. 26th," GS adds. Moreover, GS argues that as EUR/USD daily oscillators have held the top of its lowered range highs, this Coupled with the ... (full story)
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