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    EUR/USD: trending higher, up-side target revised

       
    The pair continues rising in its short-term up-trend, visible on the 4-hour chart below. Given there are also bullish signs on the higher time-frame charts I expect to see a continuation higher.

    My first upside target was at 1.1450, but I am going to revise that down to 1.1415 now, which is the minimum expectation calculated using the height of the double-bottom, visible on the weekly chart. There is a possibility of a continuation all the way up to 1.1486 afterwards, but this is less certain.

    A break above the current day’s highs at 1.1481 could provide the necessary confirmation signal of further upside, however, there would then remain only 34 points before it struck the target at 1.1415, leaving a very tight risk-reward.
    EURUSD07

       
    The pair continues rising in its short-term up-trend, visible on the 4-hour chart below. Given there are also bullish signs on the higher time-frame charts I expect to see a continuation higher.

    My first upside target was at 1.1450, but I am going to revise that down to 1.1415 now, which is the minimum expectation calculated using the height of the double-bottom, visible on the weekly chart. There is a possibility of a continuation all the way up to 1.1486 afterwards, but this is less certain.

    A break above the current day’s highs at 1.1481 could provide the necessary confirmation signal of further upside, however, there would then remain only 34 points before it struck the target at 1.1415, leaving a very tight risk-reward.
    EURUSD07


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