EUR/USD: Risking A Retest Of 1.1260/63 Highs
Jason Sen | May 25, 2017 03:18AM ET
EUR/USD now holding above 1.1210 risking a retest of 1.1260/63 highs. Tuesday's bearish engulfing candle in overbought conditions is still relevant and a double top today would be further negative confirmation. The 1.1299 November high on the day of the US election in November will need to be broken for further bullish confirmation.
First support at 1.1165/60 held perfectly yesterday, but a break below 1.1150 signals a move towards strong support at 1.1110/00. If you are looking to scalp, try longs for a potential quick bounce with a low for the day likely, perhaps to 1.1150/60, but place stops below 1.1070.
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