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Forex: EUR/USD, watch for selling clues at 1.3100-1.3150 for retest of 1.2900 - 2ndSkies

After blowing a series of intra-day areas of supply through 1.2950, followed by 1.2980 and 1.3010/15, the EUR/USD has managed to ease some bearish pressure. The pair printed a new year low at 1.2910 earlier on Thursday, before the upside recovery, with the latest lift still facing prospects of sellers camped above expecting value areas to sell from.

As Chirs Capre, founder at 2ndSkies, notes: "After pulling back consistently anywhere between 140-160 pips before selling off massively, the EURUSD has been stuck in a structured channel as of late which is still sloping downwards. Although this communicates the selling for now is a little tired, it rarely marks the end of a downtrend until we see a counter trend impulsive price action move which should take out a major swing high (i.e. around 1.3150)."

Chirs will be alerted to sell the pair on any potential retest of 1.3100 and 1.3150 for an eventual target of 1.2900. The renowned analyst sees the downside risks receding only above 1.3150, "which would likely push the pair to test 1.3300, but selling is preferred for now, as for the month of March, only one bull day has been followed up with another bull close" he adds.

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