The Euro has been in a decline over the past 7 trading sessions, after peaking at 1.0963. This retracement seems to have hit some support as yesterday’s low touched the 38.2% Fibo line and so has today’s. Yesterday’s and today’s candles have created a double bottom on the support of the 38.2 line. The main trend seems well in tact with 3 exponential moving averages still showing upward trend. So it looks like this could be a good level to enter new longs, resistance will be at 1.0807 if that is broken then the next resistance will be at the previous high.

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