Euro's Failure At Support Could Present Bullish Opportunity
The EUR/USD failing at support of 1.3481-61.8% Fibo of 1.2444-1.5149 has me leaning toward taking a small long position. However, I will wait till I see a move back above the 20-Day SMA at 1.3627 as the longer-term bearish trend increases the risks for any bullish position. My target would be 1.380 the upper bound of the current range and a converging 50-Day SMA. A break below support would lead me into a more aggressive short position.
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