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Forex Price Action Setup on EURUSD
After struggling to break the 1.3550 level for a little over two days, the EURUSD finally broke the 1.3550 level and closed above the 38.2% fib (of the 1.3950 – 1.3362 downmove) and has held the level.
However, it did form a Pinbar off the 50% fib which is also a decent support level and also the prior 4hr bars high at 1.3649. Watch to see if price rejects off this level for a move back down to the 1.3550 level which was such a sticking point for bulls. A close below 1.3500 should send the pair back down to 1.3400.
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