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EURUSD Breaks Out but Daily Close Is Key
EURUSD is following the storyline I wrote about on June 29th. In fact, I first mentioned the possibility of a descending channel in the June 28th weekly forecast. Given the rally between May and early June, this descending channel looked like a bull flag pattern. Last Thursday tested the top of the channel near 1.1290, but the market wasn’t quite ready to break free. Friday’s action was limited with the 4th of July US holiday inbound. However, now that volume has picked up again, the EURUSD is breaking free and is currently trading well above that 1.1260/70 area I mentioned on Sunday. As always, it’s going to ... (full story)