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  • there's a bullish channel in here the spans back to last year's q4 $EURJPY support side was tested this morning but bulls making a strong push back-above the 130 handle https://t.co/gHQtawE3BH https://t.co/3XU9kb72f5
  • $EURJPY has mostly been consolidating between the 129.50 and 130.50 levels in April, trading around its highest point since the fall of 2018. The pair hit a fresh multi year high just shy of the 131.00 level earlier this week. $EUR $JPY https://t.co/M9gO4rcOZh
EUR/USD Rally Could Pause at 1.3130/70

EUR/USD Rally Could Pause at 1.3130/70

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Rally Could Pause at 1.3130/70

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: Pullbacks have been shallow since the low, likely leaving many traders short at bad levels. In fact, the biggest pullback since the low is the Sunday/Monday drop into 1.2967. If that level is used as the secondary low (either 2 or B), then extensions yield 1.3263 (100%), 1.3343 (127.2%) and 1.3445 (161.8%). The 100% level is near the 50% retracement of the decline from 1.3710 and the 127.2% level is several pips away from the 61.8% retracement of the decline. 1.3130/70 has been a pivot on multiple occasions since September so respect the potential for the market to pause at that level and pull back. 1.3050/70 is support.

FOREX Trading Strategy: Went long on 4/4 close and scaled out of some of the position today with risk on the rest moved up to 1.3025. A drop below there would have me looking for support at 1.2934.

LEVELS: 1.2744 1.2856 1.29341.3133 1.32271.3307

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