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GBPUSD - n/t focus is turning lower after recovery attempts were capped by hourly cloud base

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EURUSD Yesterday’s strong recovery rally that left long daily bullish candle and marked the strongest daily gains after 03 Dec rally, was capped at 1.0938. Bear-trendline, connecting 1.1058 and 1.0990 tops, offers good resistance, which also limited today’s renewed attempts higher. Near-term price action pulled back to 1.0852, where Fibonacci 38.2% of 1.0713/1.0938 upleg and daily 30SMA, offered temporary footstep. Narrow consolidation above 1.0852 is under way, with support seen as ideal

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