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    EUR/USD: key resistance touch zone in focus at around 1.1350

       
    The level around the R1 monthly pivot situated at 1.1355 is highlighted as it has been touched over and over again but only broken once out of the four times, and then only temporarily. I have illustrated the contact points by drawing circles around them on the chart below.

    Essentially this is a level to watch as another break could signal a major breakout higher.

    The pair has been in a mini-up-trend ever since bottoming at the end of May and has now tried to break higher on two occasions, failing on both.

    The very short-term up-trend remains intact and likely to extend – after breaking clearly above the R1 resistance area, that is. Such a break would be confirmed by a move above Wednesday’s 1.1385 highs, generating an initial target at the 1.1466 highs.
    EURUSD11

       
    The level around the R1 monthly pivot situated at 1.1355 is highlighted as it has been touched over and over again but only broken once out of the four times, and then only temporarily. I have illustrated the contact points by drawing circles around them on the chart below.

    Essentially this is a level to watch as another break could signal a major breakout higher.

    The pair has been in a mini-up-trend ever since bottoming at the end of May and has now tried to break higher on two occasions, failing on both.

    The very short-term up-trend remains intact and likely to extend – after breaking clearly above the R1 resistance area, that is. Such a break would be confirmed by a move above Wednesday’s 1.1385 highs, generating an initial target at the 1.1466 highs.
    EURUSD11


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