EURUSD

EURUSD emerged to new highs (1.0829) just after my last post, but failed to reach my target (1.0860). Following some range trading, EURUSD then breached an important momentum support line (warning) and fell out of the upward channel yesterday. So far, the pair has lost around 70 pips. I expect further consolidation down to 1.0520 (-150 pips) before we could see another up leg.

Conclusion: Major supports broken. Go short until 1.0520.

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