Forex Analysis

The break above 1.6000 was not sustained and a sell off followed. It was accelerated by the worse than expected Ifo index. EUR/USD retraced ti 23.6% level but broke and closed below the lower boundary of the ascending triangle. Further correction towards 1.5500 is possible. The support @ 1.5340 is key and will determine if we’ll stay in 1.53-1.60 range for the next weeks or will break lower for deeper correction of the uptrend.

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