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Talking Points:
Technical Strategy: Flat Euro rises to highest in almost 3 years as sinks the US Dollar Narrow near-term range argues against a trade on risk/reward grounds The Euro continues to push higher against the US Dollar, with prices surging to the highest level since January 2015 following an FOMC statement the markets . Thus far however, the depth of recovery is yet to match the average for corrections in the long-term down trend from 2008 highs (21 percent).
Near-term resistance is at 1.1752, the 23.6% Fibonacci expansion, with a break above that confirmed on a daily closing basis opening the door for a test of the 38.2% level at 1.1839. Alternatively, a move back below the 14.6% Fib at 1.1699 paves the way for another challenge of the July 26 low at 1.1612.
The available trading range is too narrow to justify taking a trade on the long or short side from a risk/reward perspective. With that in mind, opting to remain on the sidelines seems most prudent until a better-defined opportunity to enter a position presents itself.
What will drive the longer-term trend in the Euro? !
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