EURUSD seems to be at a very crucial juncture now. Yesterday, it managed to close very slightly above its major resistance at 1.2939 which is a resistance at several time frames including the daily. But, for those who expected a run up from there, that still has not come yet today. In fact, today morning, we have seen EU drop to 1.2920. EU has strong support at 1.2909 which has held several times during the past couple of days and so we can expect price to stay above that for some time. A clean break of that could take price down to 1.2878 and then to 1.2817.
We will have to see whether this fall is a retracement of the small upmove yesterday or whether it is a continuation of the fall which has been happening for the past few days.
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