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EUR/USD pullback could bring long opportunity
EUR/USD has been gaining ground this week, despite the ‘no’ vote in Italy on Sunday. With price having broken through $1.0686 resistance, there is good reason to believe we are seeing a period of short-term strength within the current long-term downtrend.
The pullback seen yesterday provides a potential opportunity for long positions at a more advantageous price. The difficulty is that we have still not managed to bring about a sizeable retracement of the rally from $1.0537. However, as long as price remains above $1.0686, there is a good chance that we are going to break higher once more.
While a break back below $1.0686 would not negate the bullish short-term view, it would point towards a potential deep retracement of Monday’s rally, with $1.0600 and $1.0637 coming into view.