Despite the intraday wide range and noise however, the pair maintains a neutral stance according to the 4 hours chart: not only technical readings lack momentum but price remains in its one week 150 pips range. Strong bounce from near the base of it, also 38.2% retracement of the latest bullish run, is however significant as reflects buying interest still aligned in the area.
If current upward momentum extends, the pair needs to take daily high of 1.3370, to extend towards 1.3400/10 area. Only a clear break above will signal an upward continuation that can extend near 1.3485, past 2012 high. On the other hand, there’s downside room in between 1.3290 and 1.3250/60 area, yet only below this last bears will take control. Is time to be patient with the EUR/USD and wait for a clearer picture
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