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DennisDims

EURUSD APPROACHING RESISTANCE

Short
Euro / U.S. Dollar (FX:EURUSD)  
DennisDims Updated   
FX:EURUSD   Euro / U.S. Dollar
Trend Analysis Harmonic Patterns Beyond Technical Analysis trendlinebounce pullback Fibonacci Retracement reversal pivot signals EURUSD
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trendanalysis harmonicpatterns beyondta trendlinebounce pullback fibonacciretracement reversal pivot signals eurusd
EURUSD has experienced strong bullish momentum and is now approaching the resistance level of 1.01370 from where we can expect a pullback.

Possible retracement targets are 0.99430 and 0.98700.

Watch for price rejection on trendline resistance before going short.
Comment:
Price retraced to the first target 0.99430 and then rallied to the trend line resistance.
Bullish momentum wasn't strong enough to close above it, suggesting price could drop to the second retracement target.(0.98700).

Alternatively, breaking the resistance will open the way to 1.03350
Comment:
Price broke the resistance and rallied to 1.03350 surpassing it, and is now heading to 1.03700 from where we should expect short-term selling towards the broken trend line resistance.
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