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EUR/USD – 1.1250 Proving Difficult for the Bull Camp

EUR/USD – 1.1250 Proving Difficult for the Bull Camp

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

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-The EUR/USD range continues to tighten. In fact, the Q3 range is one of the smallest quarterly ranges ever (see this video for details). There are a number of positives from a technical perspective, including the 200 day average holding and SSI remaining negative. Still, a test of the 61.8% retracement of the rally from the Brexit low can’t be dismissed. The May-August trendline is the breakout barrier on the upside. Weakness below 1.1085 would suggest that the next move is lower towards at least the Brexit low at 1.0912.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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