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EUR/USD Stalls in a Flag Pattern at 61.8% Retracement
The EUR/USD broke above the August high during the 8/21 US session, also clearing some resistance factors for a consolidation and a declining trendline that goes back to the June high of 1.2747 shown more clearly in the daily chart below. The 1H chart shows a market that is establishing bullish momentum with the RSI holding above 40 and rising above 70 again. The moving averages are in bullish alignment in the 1H chart as well. Price action broke above last week’s range resistance at 1.2380 and above the 1.2440 August high before settling in a flag pattern just under the 1.2490 clip. In the daily chart you can see ... (full story)
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