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Euro: The consolidation phase continues

05/03/2021
Categories: Economy/Forex

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The euro entered a phase of horizontal consolidation between 1.2244 and 1.1920, straight polarity, transition from the 200-period moving average close to a Fibonacci retracement level of 61.8%.

The trend remains bullish as long as the European currency remains above the horizontal consolidation between 1.2244 and 1.1920, the polarity line and the passage of the moving average. Prices could go up again

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Breaking through 1.2244 would signal an exit from consolidation and an increase towards the highs of the year at 1.2350 and then towards resistance at 1.2556. The break in the supports in the 1.1890/1.1920 zone would cancel the medium-term bullish trend

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