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EUR-USD pair attacks the counter-trend trend-line

Despite breaking below some Key support at 1.3020 and the psych pivot at 1.30, the EUR-USD is now looking at a Bullish continuation scenario.

The bounce from 1.2974 was very sharp in the 16 February US session, and has followed through in the Asian and European session.

As Friday's session got underway the EUR-USD's rally was up against a counter-trend trend-line. There are some other resistance factors near 61.8% retracement at 1.3188 and the RSI is nearing 60 after it tapped 30.

Resistance here and a push back below 1.31 would be a sign that the Bearish outlook was still in play. But if the market pushes through 1.32 (it closed at 1.3140 Friday) and the RSI moves above 60, we are more likely to have a Bullish outlook as part of a wide consolidation that will see resistance again near the 1.3320 high, or a Bullish continuing looking toward 1.35 if 1.3320 does not hold. Stay tuned...


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Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels. www.livetradingnews.com