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The Dollar consolidates yesterday's post-Fed strong rally. Outlook remains bullish

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURUSD Euro’s sharp fall yesterday on hawkish Fed, probed below 1.09 support and cracked very important monthly bearish wedge pattern support line, which lies just below 1.09 handle. The pair closed below psychological 1.10 level, after yesterday’s action was capped at 1.1095, by bear-trendline, which connects 1.1712/1.1458 peaks. Near-term consolidation is expected to precede fresh attempts lower, with sustained break below wedge support line, expected to trigger further significant losses.

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