it seems to me that the EUR gets a lot of its gains during the US session, so it makes sense that I’m starting to see resiliency as we roll over into the New York session. Beyond that, breaking above the 1.17 level was psychologically significant, and I believe that some of the fear trade that had people buying the US dollar has started to wear off.
The EUR/USD pair fell during the session on Monday, testing the 1.1750 level underneath. That’s an area that was resistive in the past, and as I write this, we are starting to see buyers enter the market again. I believe that the most recent “higher high” dictates that this market should continue to go higher, and therefore I am bullish but I recognize that there will be a lot of noise.
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