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EUR/USD Falling Back Under 1.26 – Double Top?
The EUR/USD remains directionless after Friday’s (8/31) bullish break above 1.2590-1.26 resistance. Since hitting 1.2635 high, the market has kept the Euro subdued against the US dollar, but without signs of reversal. During the 9/3 session and early 9/4 session, the EUR/USD managed to rally from the low near 1.2560 until 1.2630 where it topped off in the 9/4 European session, and fell back below 1.26. Bullish Scenario: There is a range now for this week, roughly between 1.2560 and 1.2635. A break from this will then establish direction. Above 1.2635, we have 1.2685, and then 1.2750 as short-term targets and ... (full story)