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EUR/USD hits key Fibonacci resistance
EUR/USD has finally reached the 76.4% retracement of the referendum day devaluation. This is the area of retracement we have been looking for as a potential reversal point for this market. Essentially, getting short here is a play on the long-term downtrend evident within the pair.
Essentially, while we have not seen any reversal signals yet, a 3:1 trade for a break back to $1.0952 rather than above $1.1428 would make sense given the wider trend.
We would need an hourly close above $1.1428 to negate this bearish view.