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There has been a totally unconvincing open to the European markets in regard to fair value on the majors, and their ability to move things forward against the Usd. Our Trade Plans and charts indicate that the near-term moves may be to retrace before being able to then push forward with momentum, and that is what we have seen initially from the major pairs; an inability to make the next break, TheLFB Reade Team said. The technical barriers may be the R1 and S1 pivot points that are just in front of the current prices; it will take a lot to now easily break those.
Added to that are the 4 hour charts that are signaling the next leg of wave movement may be price action that has to reverse to support before being able to make a test of huge resistance for the major pairs around 78.00 on the dollar index. Cad is holding the support area from Tuesday, as are swissy and euro. Cable and aussie look as though they want to break, but ahead of the U.K. Trade Balance and Manufacturing Production at 04:30 EDT there may be some restriction in getting too far past 1.6450, they said.