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EURUSD at a Crossroad

20 September 2016

Today we have a look at EURUSD - a pair that seems to be at a very interesting technical level as we speak.

The narrow 1.1204-1.1214 area functioned very well in the past as resistance, then support. Now price has come to retest it as a resistance.

Possible scenarios here:

  • Will the bears find major support for a drop here? In this case, resistance at 1.1204 should see the pair descend towards the 1.1150 support area, then 1.1083.
  • If the bears fail to regain control here, buyers will probably take advantage of a breakout of 1.12 on the hourlies to advance further towards 1.1255, 1.13, 1.1340.

Wherever we are headed at this point, it looks like the pair has an interesting, exciting trading session ahead.

Where do you stand on the EURUSD? Which scenario do you favor?

read other opinions of the author

Everything posted herein is the Personal Opinion of the Author(s) and does not represent a statement made by TeleTrade. TeleTrade is providing this for informational purposes.

21 September 2016, 08:29 Swing Traders, Watch Out for the Yen!

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