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EUR/USD: pushing down on key trend-line

   
The pair remains in a mini-up-trend within a broader consolidation.

This mini-up-trend has started to coil into a space between a trend-line and the R1 monthly pivot, capping gains at 1.1355.

A break clearly above the R1 monthly pivot at 1.1385 would help to confirm more upside to 1.1466.

However, the exchange rate is actually pushing down bearishly on the trend-line of the 4-hour chart, at the moment.

It has consistently respected the line and this is its third touch, which increases the significance of the line, and the strength of the move in the event that it is broken.

One possible, relatively high risk trade would be to trade a downside break of the trend-line, placing a sell order 20 points below the 50-4hr MA at 1.1220 and targeting the 200-4hr MA at 1.1176.

My other recommendation still stands, however, which is to trade the break below the 11.50 lows, which would in my book, provide significant confirmation of more downside, to 1.1087.
EURUSD17b

   
The pair remains in a mini-up-trend within a broader consolidation.

This mini-up-trend has started to coil into a space between a trend-line and the R1 monthly pivot, capping gains at 1.1355.

A break clearly above the R1 monthly pivot at 1.1385 would help to confirm more upside to 1.1466.

However, the exchange rate is actually pushing down bearishly on the trend-line of the 4-hour chart, at the moment.

It has consistently respected the line and this is its third touch, which increases the significance of the line, and the strength of the move in the event that it is broken.

One possible, relatively high risk trade would be to trade a downside break of the trend-line, placing a sell order 20 points below the 50-4hr MA at 1.1220 and targeting the 200-4hr MA at 1.1176.

My other recommendation still stands, however, which is to trade the break below the 11.50 lows, which would in my book, provide significant confirmation of more downside, to 1.1087.
EURUSD17b



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