Whenever I think about Friday’s price action, I keep coming back to the same conclusion, it was a failure. A failure to hold 1.2060, and a loss of the upward momentum.
Today we may see some early bargain hunters looking for cheap Euro’s, but I would expect gains to be limited to 1.2060/80 before downward pressure re-asserts itself for a test of 1.1980 and possibly 1.1940 in extension.
If the single currency can trade at 1.2080 and hold the 1.2060 pivot point, it would be a positive signal that Fridays move was corrective and not a reversal.
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