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Forex pairs in this Article » EUR/USD
FXStreet (Barcelona) - Goncalo Moreira CMT, FXStreet Technical Analyst notes that last Friday we saw EUR/USD price making an attempt to reverse the medium-term downtrend and at the same time establishing and activating the bullish vertical count with a target at 1.4120 from the Jan low.

Key Quotes

“Today, and thanks to the ascending column developed at the end of the week, we can establish another count, an horizontal one of 1.3980.”

“The 1.3680 which caused so much frustration for bulls was finally eroded and traders are now more confident that serious inroads to the upside can be achieved.”

“In a 0.0020x3 60-minute point and figure chart, the structure has now formed a triple-top signal, and has also the potential to form a so-called catapult pattern. Should this significant breakout suffer a correction back to the consolidation pattern holding 1.3580 intact, a reassertion of the previous column high would be a very strong bullish signal.”

“The EUR/USD showed some improvement during the recent session, courtesy of the weaker than expected US home sales traders seem to be betting on. This upside offensive is still ignored in our chart but should it print a new column of Xs, the above interpretation remains valid.”
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