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Members 4 Hour Forex Trend and Momentum Updates:
Near-term Major Pair Reversal Off Oversold: We had low order flows, and sporadic volume levels in most of last week's trade. The Usd gained 10 pips on euro, 110 pips on cable, 150 pips on aussie, but lost 1 pip on cad, 60 on swissy, and also lost 60 on the yen. The grand total of about 130 pips for the week, in total, was posted across the majors; the equivalent of the euro's daily Average Trading Range.
We can take from that that we need to bank 20-30 as we go, and have to accept that in a channeling market we need to sell initially the previous session high, and buy the low, in small lots, in anticipation of a week that may not move too far until equity markets find buyers.
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