?Still the pair traded in a quite wild range lately, and will likely remain now in range, ahead of the ECB rate decision early tomorrow,? comments Valeria Bednarik, Chief Analyst at FXstreet.com. ?The trading range is now limited to 1.4250/1.4345: clear break of either extreme will favor a continuation rally of at least 50/70 pips, with the downside favored if the central bank left rates unchanged.?
At the time of writing, EUR/USD has closed the American trade at 1.4321, around 120 pips above its starting price. This price action has formed a bullish outside bar pattern on the daily chart which signals a strong shift in trader sentiment to the upside. Above 1.4345, selling interest is anticipated at 1.4421 (June 12 high), while, to the downside, immediate support lies at 1.4281 (Aug. 2 low).
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Source: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=ff219867-e3d8-4191-95f9-3364a7a0d0e1
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