Forex Trading: EURUSD Fall Stalls. Correction Will Be Eyed Closely.
The fall in the EURUSD has stalled and the correction will be eyed closely by traders. The 38.2% of the sharp move lower comes in at 1.3118. The low from the asian session comes in at 1.3114. The low at 1.3124 is another important level. Traders, looking for further downside momentum (dollar buying) would not want to see the pair move above this area. Staying below it, keeps the bears in charge intraday at least.
The weeks range of 201 pips in the EURUSD is still light. There exists a chance for an extension. The low came in at 1.3025. It seems a long way off but keep in mind if the momentum continues.
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