Yesterday EURUSD closed below the 4hour MA50 for the first time in almost 4 weeks and confirmed a short term bearish signal. Today it is making a classic counter trend rebound to re-test that level as its new Resistance and confirm the bearish pattern's strength.
As long as it is under it, we are sellers with 1.07800 the short term target. On the medium-term we have the 1.07180 - 1.06950 Support Zone located under the 4hour MA200, which was last hit on January 6th and should be the true trend strength test for buyers.
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