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EUR/USD continues to gain ground
EUR/USD saw yet another strong move higher yesterday, following a very similar retracement to that seen in late-July. We are seeing the pair pull back overnight which is expected to ultimately resume its uptrend before long. Essentially, we would need to see an hourly close below $1.1155 to negate this short-term uptrend.
Much like the past two pullbacks, there is a good chance the signs of a recovery will come in a shorter timeframe. Thus look for a new higher high being created on a shorter intraday basis such as the 15-minute chart.
Despite this recent uptrend, we remain within a downtrend and as such, the 76.4% retracement at $1.1306 remains an interesting area to go short once more for the longer-term position to come back into play.