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  4. EURUSD could breakout above bullish range

EURUSD could breakout above bullish range

April 11, 2016 15:07

The EURUSD went down early today towards 1.1400 and was rejected. As I thought, Friday profit taking tanked the pair towards 1.1350 where it showed the range. The pair is still in range however, price action suggests that the range might break.

Why do I say bullish range? Take a look at EMA 89. On Friday it was flat BUT above the ascending 3 touch trend line. Today price spiked from confluence making for another possible long trade and at the same time EMA angle has shifted upward but still above the trend line. However it is still Monday and the price might either break or retrace. If a retracement happens, watch for POC within 1.1370-90 zone ( L3, Ascending Trendline,WPP) where the price should reject towards 1.1453 high with interim resistance at 1.1470. If we don't see a breakout pure H1 momentum or H4 candle close above 1.1470 would target for 1.1528. L5 Weekly target.

Only a break below 1.1325 negates the scenario and the price is back into a downtrend towards 1.1270.

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