Euro / U.S. DollarShort
EUR/USD: get ready to execute SELL positions
As it can be inferred from the graphical illustration, after recent bullish impulses, the price is consolidating within the borders of the sideways-moving channel plotted on the graph and is possibly preparing to initiate short-term bearish moves. The price has been able to spike above the upper boundary of the box and grab some liquidity before re-entering the borders of it. Judging by the current price development and the ongoing bullish pressure on the DXY, we believe the price of EUR/USD might experience some bearish action and reach the area of support highlighted on the chart that lines up with the 50% Fibonacci retracement level.
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