Let’s take a technical look at EURUSD. The pair saw a large rally in the early morning, making a leap and testing the 1.16500 resistance level. EURUSD seems to have stalled there, as it waits for the CPI Flash Estimate in the coming hours. With the weight of the down-trend pushing towards the 1.16300 price range, the economic news has the potential to push it past the 1.16500 support. Long positions should look towards a price entry between 1.16230 and 1.16300, take profit exits should aim for 1.16800. Short position traders should hold till the news is released before entering new positions.
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