Forex Technical Update
- EUR/USD found support at 1.4050, and surged in the European session towards 1.4260. The previous update noted this as an important pivot, and the market respected it as resistance.
- The decline was just as sharp as the correction rally and reflects the dominance of bears in the current EUR/USD market.
- The 1.40 level to 1.4260 level can now be established as a range ahead of the ECB decision this Thursday.
- We are also seeing the same dynamic with Euro-gains overnight being pared heading into the Tuesday US session, but none as pronounced as in the EUR/USD.
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Fan Yang CMT
Chief Technical Strategist
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