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EUR/USD may move higher if it holds above 1.2505 - AceTrader

FXStreet (Barcelona) - The AceTrader Analysis Team notes the EUR/USD pair moving to 1.2622 levels if the price holds above 1.2505.

Key Quotes

“Looking at the hourly chart n daily charts, despite Wed's brief breach of Mon's high of 1.2578 to 1.2602, subsequent retreat to 1.2505 suggests the early 3-legged corrective upmove from Nov's 26-month trough at 1.2357 has 'possibly' formed a temporary top there n few days of choppy consolidation is in store, however, below 1.2501/05 sup (Tue's NY low n y'day's low respectively) is needed to confirm n yield stronger pullback to 1.2444/51 (being Tue's low n 61.8% r of 1.2357-1.2602).”

“Looking ahead, only breach of pivotal sup at 1.2399 would indicate MT decline fm May's 2-1/2 year peak at 1.3995 has once again resumed n bring retest of 1.2357 low next week. Above 1.2602 would send euro to 1.2622 n later 1.2685, being 50% n 61.8% r respectively of intermediate fall fm 1.2888-1.2357.”

“Today, we are standing ahead initially n may give a buy recommendation if price holds above 1.2505 for a move to 1.2622.”

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