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Daily Forex Analysis: EURUSD Just Below 38% Retracement Line
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In today's forex blog, I want to talk about the EURUSD. Forex trading has taken the pair to new yearly highs in the Asian and EZ sessions. This move has found a little Resistance around the 1.4550 area during the US session. The hourly charts are now showing room for a pull back. However the high seen today is just below the 38.2% Retracement line of the larger move from 1.5143 to 1.4217. A pull back to the 1.4385/400 area is entirely possible in the coming days. Still the top side has several really good targets, most notably the 1.4682 area that coincides with two significant points.

I would like to see a stronger test of the 38.2% line before taking up longs to see 1.4682 fall. If you are looking for sustained moves to last for several days you may be out of luck. With strong pulls in both directions, news may be the deciding factor this week. Not much is expected until Wednesday though.

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