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EUR/USD in a Triangle Breakout to the Upside
Since the 11/30 risk-on pop, EUR/USD has been held mostly below 1.35 as it consolidated in what appears to be a triangle seen in the 1H chart. The market is showing some strength as it gears up for the US session, where the Non-Farm Payroll report comes out at 8:30 AM EST. From a weak 80K in October, the November forecast is 126K, not a great number, but an improvement. 200K and above could be a pleasant surprise and push for more risk-on trading. As I report the triangle, EUR/USD has just broken above the resistance, and is cracking this week’s high near 1.3530. The 4H chart shows that the next resistance in the ... (full story)
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