Flat- Pending Scalp Setups on EURUSD & GBPUSD
I’m currently on the sidelines but watching key scalp setups on the EURUSD and the GBPUSD. The euro now faces critical Resistance at the confluence of the 61.8% Fibonacci extension taken from the October 4th and January 13th troughs, former channel support and the 100-day moving average at the 1.33-handle. Expect this level to hold for now amid quiet trading conditions as US markets are closed in observance of Presidents day. The Sterling also saw a test of soft daily support at 1.5880 with the exchange rate holding an extremely tight range between 1.5880 and 1.5850.
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