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EUR/USD: mini-up-trend continuing despite bearish signs

   
On higher time-frames the pair is consolidating between the 1.05s and 1.14s.

Zoom in, however, (to the 4-hr chart) and we see the formation of a mini-up-trend higher since the exchange rate bottomed at the end of May.

This mini-bull gained has further validity today after breaking above the previous highs at 1.1379 as well as temporarily breaking above the R1 monthly pivot.

However, it has now retracted back below the R1 Monthly Pivot and formed a bearish long-shadow shooting star candle-stick and MACD is bearishly diverging with price.

Although there are these bearish signs on the 4-hr chart the very short-term bullish trend remains intact and likely to go higher. It will probably re-break above 1.1379 and eventually reach its target at the top of the bigger range at 1.1466.
EURUSD10

   
On higher time-frames the pair is consolidating between the 1.05s and 1.14s.

Zoom in, however, (to the 4-hr chart) and we see the formation of a mini-up-trend higher since the exchange rate bottomed at the end of May.

This mini-bull gained has further validity today after breaking above the previous highs at 1.1379 as well as temporarily breaking above the R1 monthly pivot.

However, it has now retracted back below the R1 Monthly Pivot and formed a bearish long-shadow shooting star candle-stick and MACD is bearishly diverging with price.

Although there are these bearish signs on the 4-hr chart the very short-term bullish trend remains intact and likely to go higher. It will probably re-break above 1.1379 and eventually reach its target at the top of the bigger range at 1.1466.
EURUSD10



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