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EUR/USD Rally Might be a Bull Trap; 1.3385 is Key Resistance
The EUR/USD rallied from 1.3250 after the Jobless claims data in the 3/29 US session. It has stalled out at 1.3373, just below this week’s high at 1.3382. Note that the market this week has bee in a corrective structure, (ABCDE), after which the RSI in the 1H chart pushed above 60. However, the fact that it failed to break above 70, and price failed to break above the 1.3382 high suggests the possibility that this is a bull trap. It should be noted while looking at the 4H chart that clearing 1.3382, and the 1.34 handle can open up to the 1.3480 pivot. But even before that, around 1.3450, we will be testing a ... (full story)
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