EUR/USD Puts in Bearish Doji Like Close on Wednesday; Warns of Top
EUR/USD: Rallies have stalled out for now ahead of 1.3900, with the market reversing mildly on Wednesday to put in a bearish doji-like close. From here, there is a risk for the start of a pullback, but a break and daily close back below 1.3765 will be required to confirm and officially relieve short-term topside pressures. A daily close back above 1.3860 will negate reversal prospects and open the door for the next upside extension towards the 1.3980-1.4000 area (78.6% fib retrace/psychological barrier) further up.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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