EUR/USD: Shot Higher From Strong Support At 1.1610/05
Jason Sen | Jul 27, 2017 09:28AM ET
EUR/USD shot higher from strong support at 1.1610/05 to test major important resistance at 1.1710/1.1740. As I write we topped just 7 pips above. If the resistance holds we target 1.1660/56, perhaps as far as 1.1610/00. A low for the day likely herte again but longs may be risky. If you try, use a tight stop below 1.1580.
Major important resistance at 1.1710/1.1740 is all that matters of course. If you think the 7 month recovery is over done (as I do) this is the area to try shorts with stops above the 500 week moving average at 1.1800. Only above 1.1800 puts bulls back in full control targeting 1.1875/80 and 1.1920/25.
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