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EUR/USD Held Under 1.30 but Still Trades in Short-term Rising Channel
EUR/USD has been rallying all week, but found resistance Friday 1/20, under 1.30, at 1.2990. Looking at the 4H chart, the reaction here so far respects the 200 4H simple moving average after cracking a declining channel resistance as well as the 23.6% retracement of the decline from 1.4246 to 1.2623. The RSI also reflects establishment of bullish moment that should at least flatten the bearish outlook it has had since Nov. 2011. In the very short-term, the rejection under 1.30 with a strong bearish candle seen in the 4H chart suggests a throwback before continuation. Even though we had a strong reaction under 1.30, ... (full story)