Some thoughts on EURUSD. Me short from around current levels - a short-term position. Haven't figured out yet which of the two scenarios to believe in.
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| Long-term uptrend in place, trend channel bottom touched. This would suggest further upside - unless the 1.37-high was the uptrend's final thrust. So two scenarios: BULL: uptrend to resume, eventual test of the 1.37-high and later a new high to 1.39-1.40-area - - or BEAR: recent uptrend channel to be broken, the downchannel pictured more closely in the following picture holds and we end up to new lows. |
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| The move down within the longer uptrend channel has been technical: 1.36 turned from resistance to a support, then resistance again. After today's ''break" up, the previous low around 1.3460 should keep, with possibly a pullback to 1.3425 (in a bullish scenario) or a break lower towards the 1.3280-support. |
