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EUR/USD Easing Off the Bearish Momentum Near the 1.2430 Support
The EUR/USD has been bearish since topping last week at 1.2745. The 6/26 US session traded the EUR/USD down to about 1.2440. The 1H chart shows a rejection from the downside and a bullish candle suggesting consolidation. The 1H RSI reading is showing an extended bullish divergence. This simply reflects the current loss of momentum. Sometimes it can be a sign before a reversal. If there is a reversal, the market needs to break above 1.25 and the declining trendline seen in the 1H chart. Ability to hold above 1.25 opens up 1.26 area where the 200-hour SMA resides as well. This is between the 50% retracement (1.2590), ... (full story)
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- Jun 26, 2012 7:21pm Jun 26, 2012 7:21pm
- Dr. forex
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- Jayakatwang
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