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EUR/USD Has Corrective Structure as it Trades at Trendline Resistance
The 1H EUR/USD chart shows a market that has been persistently bearish as it trades below the 200 hour simple moving average, and the RSI is kept under 60, and has been able to tag 30. In the 12/14 global session, we saw the market break 1.30, but find support at 1.2944. Now in the 12/15 US trading session, we have the market trading at a declining trendline (seen in the 1H chart). So far the market is respecting it. Failure to break 1.3055, and then a fall below 1.2944 confirms the bearish scenario established in our previous update toward 1.2870. The 15-min EUR/USD chart shows the market in a consolidation ... (full story)