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Euro corrects lower after yesterday's roller-coaster rally; broken 200SMA is key support

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURUSD The Euro consolidates under fresh three-week high at 1.1216, posted late yesterday, on chaotic post ECB trading. The single currency initially fell on stronger than expected rate cut and touched key support at 1.0820 (former low of 02 Mar), but subsequent sharp bounce, brought bulls back to play. Strong bullish acceleration from 1.0820, where double-bottom was formed, extended recovery of 1.1374/1.0820 downleg, above its Fibonacci 61.8% retracement level. Rising daily Ichimoku cloud

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