By FXEmpire.com
The EUR/USD had a bullish day to start with on Wednesday, but pulled back to form a bit of a shooting star at the top of the recent downtrend channel. It should also be noted that the 1.45 level proved to be too much as well. A daily close above the 1.45 level is our buying signal for a longer-term position.
With this failure, it becomes more likely that this pair falls. Quite frankly, if the USD wasn’t so hated, this pair would be in a free-fall. The breaking of the Wednesday lows is a massive sell signal down to the 1.41 or so. Until then, expect scalpers to be the main driving force of this market as it sits in a fairly tight range.
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