The EURUSD was corrected lower yesterday after the failure to make a clear break above 1.4000 key resistance area and now testing 1.3860. Price is now in a counter trend phase and another clear break below 1.3860 would continue the bearish correction testing 1.3740 area which is the 50% Fibonacci retracement of 1.3427 – 1.4035. However I think the major bullish scenario remains intact and a clear break back above 1.3920 would give the Euro another chance for a retest of 1.4000/35 key resistance area.
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