EURUSD: Rebound to Yield Sell Entry
Strategy: Pending Short
EURUSD found support near 1.4050 having taken out support at a rising trend line the mid-February swing low. The pair is now showing a Star candlestick below resistance at 1.4258, the 23.6% Fibonacci retracement of the drop from the May 4 high, pointing to indecision and hinting sellers may be poised to retake momentum. With that said, confirmation remains elusive and we will remain on the sidelines for the time being. A break higher through current resistance exposes the 38.2% Fib at 1.4388.
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