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EUR/USD Trading Above 1.35 at 200-Week SMA
Acceleration, stops hit: In the previous update of EUR/USD, I noted a break above a consolidation range, and test of the 1.35 handle. The market did stall there for part of the US session, but eventually broke above. I noted that since this was a resistance area around the 2012 high, that a break could trigger stops and cause a sharp move, without a throwback. This appears to be the case at least for now as EUR/USD rises sharply, stalling around 1.3550 as we get ready for the 1/30 US session. There still can be a throwback. The 1H RSI is above 70 showing near-term overbought conditions. But be careful trying to pick ... (full story)
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- DragonFire
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