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Daily Forex Analysis: The Euro Was Volatile Yesterday

Published 11/08/2011, 09:12 AM
Updated 02/02/2022, 05:40 AM
EUR/USD
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The EURUSD had another volatile day yesterday.
 
There are no changes in the technical outlook. The model remains neutral in the short term. Price has been moving sideways between 1.3870 – 1.3607 since last week. We need a clear break from the range area to see clearer direction.
 
I still prefer a bearish outlook right now. Only a clear break back above the 38.2% Fibonacci retracement of 1.4246 – 1.3607 and 1.3870 resistance area might cancel the bearish outlook which started since the fall from 1.4246, possibly testing 1.4000.
 
Immediate support is around 1.3680 (yesterday’s low) followed by 1.3607.


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