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These are the key reasons I will go long on EU above @1.18:
- DXY just encoutered a key multi-month trendline resistance and that can lead to its bearish move making EU pump up, amongst other ***USD pairs - EURUSD also touched a key multiyear trendline support and that is where we saw a rejection @1.18 - The rejection is at a confluence, where a psychological support @.18 meets a trendline support - On Wk1 timeframe, the 50EMA is providing support just like it did the last time EU touch a low on it
Whatever your bias is on this pair, ensure you're not selling it on a swing, for now! And don't forget the disclaimer below. Always trade with extra caution. Nothing is fixed in FX.
DISCLAIMER: DO NOT TRADE WITH BORROWED MONEY OR THE ONE YOU CAN NOT AFFORD TO LOSE. FX IS A HIGH RISK HIGH REWARD MARKET AND VERY VOLATILE