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EUR/USD – 1.28 Support Broken

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EUR/USD – 1.28 Support Broken

Daily Chart

http://forexblog.oanda.com/mserve/EURUSD_Daily061112redo.PNG

EUR/USD has finally broken below 1.28, a feat last seen in on 8th September. Aggressive traders may have already entered short looking for a move towards 1.27, and potentially the bottom of trading range between 1.24 – 1.27. Conservative traders may not be so easily convinced that a triple top has been formed, as current levels are still around the left handle of 1.275 – 1.2815 formed on 7-12th Sep.

15 Min Chart

http://forexblog.oanda.com/mserve/EURUSD_M15061112redo.PNG

The 15 min chart does not provide any fresh perspective, only perhaps to highlight the strength of 1.28  support turned resistance. Downward trendline suggest that short-term bearish momentum hasn't dissipate, with price potentially riding the bottom of the trendline lower towards the 1.275 handle highlighted via the daily chart. An upward break of this trendline could give us early warning of waning bearish pressure for a potential move back towards 1.28 and perhaps invalidating the Triple Top in the process should price move back above 1.28.

 

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This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

 

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Markets

 

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