WAITING FOR UPTREND .. AFTERT THE TWO MONTHS SELLOFF ..!?!

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The Euro corrected modestly higher after swiftly sinking to the lowest level in over two months against the British Pound. Prices reversed downward as expected after putting in a bearish Dark Cloud Cover candlestick pattern at resistance below the 0.75 figure.

Near-term support is now at 0.7145, the 61.8% Fibonacci retracement, with a break below that on a daily closing basis opening the door for a test of the 76.4% level at 0.7063. Alternatively, a move back above support-turned-resistance at 0.7211, the 50% Fib, sees the next upside barrier at 0.7278 marked by the 38.2% retracement.

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