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EUR/USD Technical Analysis: Short Trade Entered Above 1.09
The Euro is struggling to rise against the US Dollar, with multiple attempts to build upside momentum cut short at channel top resistance. The recent standstill has materialized against a backdrop of risk aversion that might have been expected to drive the pair higher amid liquidation of EUR-funded carry trades. A reversal below the horizontal pivot at 1.0819 initially exposes the 1.0686-1.0711 area (January 5 low, 38.2% Fibonacci expansion). Alternatively, a daily close above channel top resistance – now at 1.0913 – paves the way for a challenge of the December 15 high at 1.1060. The single currency’s ... (full story)
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