The EUR/USD continues to deteriorate, showing no impulse to rise above 132.50 in the overnight session. Now sitting 150 pips below yesterday’s US session open and, with the LR 14 strongly downslope, the technicals do not favor aggressive Long positions at the point. The EUR/USDhas now retraced to August high levels . . the Aug/Sept lows would require another 5 point slide down to 126. That seems like a long way off but keep in mind EUR/USD was at 142.50 back on Nov 4th.
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