EUR/USD: Strong Follow-Through Bar

EUR/USD
-0.10%

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EUR/USD-Daily Chart

• The EUR/USD formed a strong follow-through bar yesterday after last Friday’s strong bull close.
• The market exceeded the June 22 high early this morning and reversed down.
• At the moment, today’s bar is a bear bar on its low. Even if the bears can get a bear bar closing in it low, there are probably buyers below scaling in lower. This means the downside over the next few days is probably limited.
• The bulls see the recent three consecutive bull bars as being strong enough for a second leg and a test of the May high.

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