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EURUSD fiercely ascends to 2-month downtrend line; pauses at 38.2% Fibonacci
EURUSD appreciated, taking back more than half of two weeks of losses. The bulls are eyeing the downtrend line, but it seems that the move up has hit a ceiling as the upside momentum has evaporated, something also indicated by the RSI as it has flattened at the 50-level. The 200- and 100-day simple moving average (SMA) are declining slightly sideways, whereas the 40-day SMA has dropped and merged with the downtrend line implying that the bearish bias is prevailing also in the short-term. Furthermore, the MACD although slightly above its red trigger line in the negative region, suggests that some downside movement ... (full story)
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