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    EUR/USD: churning at same level – awaiting breakout

       
    EUR/USD continues to churn at its current level in the 1.07s and there is little change in the analysis, from yesterday.

    The pair remains in a sideways consolidation within its longer-term down-trend. Recently it stalled after meeting strong support from a major channel line in the 1.04s.

    The most prudent thing to do is wait for a clear breakout form this wide range. Such a break would be confirmed by a move above the 1.1030 highs to the upside, or below the 1.0461 lows to the downside – however, we are still far from either of these levels.

    A possible short-term opportunity could come from a move above the monthly pivot and the 1.0832 highs, with a target at support and resistance at 1.0940 initially, followed possibly by the range highs at 1.1030.

    As far as downside goes, a clean break below the 1.0461 lows would probably lead to a move down to the S1 monthly pivot at 1.0368.
    EURUSD23

       
    EUR/USD continues to churn at its current level in the 1.07s and there is little change in the analysis, from yesterday.

    The pair remains in a sideways consolidation within its longer-term down-trend. Recently it stalled after meeting strong support from a major channel line in the 1.04s.

    The most prudent thing to do is wait for a clear breakout form this wide range. Such a break would be confirmed by a move above the 1.1030 highs to the upside, or below the 1.0461 lows to the downside – however, we are still far from either of these levels.

    A possible short-term opportunity could come from a move above the monthly pivot and the 1.0832 highs, with a target at support and resistance at 1.0940 initially, followed possibly by the range highs at 1.1030.

    As far as downside goes, a clean break below the 1.0461 lows would probably lead to a move down to the S1 monthly pivot at 1.0368.
    EURUSD23


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