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Short-Term Candlestick Reversal

  • EURUSD has recovered from Friday’s low.
  • Yesterday’s daily close highlights a 3-day Japanese candle reversal known as a morning star.
  • This suggests scope for a stronger short-term corrective bounce.
  • The next firm resistance is seen at 1.1293, the 20-day EMA.
  • This is the first of 3 key short-term resistance points to watch:
    • RES 1: 1.1293 20-day EMA
    • RES 2: 1.1342 50-day EMA
    • RES 3: 1.1366 Bear channel top drawn from the Jun 1 2021 high

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