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EUR/USD Breaks From Its Triangle; Next Messy Price Action - Goldman Sachs
EUR/USD has broken higher from its triangle as the pair has gone past 1.10-1.1050 resistance, which held the top of the March/April triangle formation, notes Goldman Sachs. "It is now clear that the analogy of a triangle wave 4 is no longer valid. The possibility that it’s already completed 5- waves from the May high is something to seriously consider. If this is true, it should already have started a corrective process which translates to a period of messy/counter-trend price action," GS argues. The first big signal suggestive of a turn, according to GS, was given on Tuesday’s close above the 55-dma which has ... (full story)
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