4:30 PM Est
Casey Stubbs — Winners Edge Trading
The majority of traders have been buying the Euro lately as 59% of traders are long right now. According to the Daily FX website.
So a contrarian point of view would signal more Eur/Usd losses. In addition the current pivot point position of 1.2680 and chart patterns are also indicating more Eur/Usd losses.
The resistance level to watch right now is the 1.2680 price point. If the price goes through that level we could see some temporary bullish action for the Euro. With an upside target of 1.2754 and if the price breaks through that level we could see 1.2811
If the bearish trend continues we will look for a target of 1.2533 and 1.2457
4 Hr Chart
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