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EUR/USD pennant points to gains
The EUR/USD rally that has been in place throughout February looks likely to continue apace today, despite the drift lower we have observed overnight. This looks a lot like a pennant pattern and thus another break higher seems likely before long.
The bullish signal for another leg higher would be a closed hourly candle back above the $1.1311 level. Should this occur, the next important resistance levels of note would be at $1.1338, $1.1387, $1.1460 and $1.1495. However, should this drift lower continue, support levels of $1.1252 and $1.162 would be worth watching out for.