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EURUSD Retrace rally then big drop

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See how in the uptrend the price was clearly above the pertinent MAs.  (Then you take a position.)  When it transitions back and below the MAs then the trend is changing.  But if it goes back above the MAs then the trend is resuming.  :)


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Two scenarios that could play out here... 

(1) the price goes straight through the 10820 level which was retested today and head for gap fill ; or

(2) the price rebounds to retest the 110 area before coming back down to have another go at 10820 before breaking down to fill the gap. 

Demand for USD is still high and is likely to remain that way capping any upside in EUR/USD for now..



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3 minutes ago, dmedin said:

Isn't that always the case?  The price may go up - or it may go down.

No I think you misunderstood, in both scenarios I ultimately think the price is going down but it was whether we got a brief bounce first or we went straight down. We got a bounce in Feb around that 10820 level before ultimately crashing lower..

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