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Analysis

EURUSD's potential short-term resistance

The above chart shows hourly price action. Key resistance may potentially be at the confluence of factors including the central pivot (P), price congestion resistance (green rectangle) and the 50% retracement level. The stochastic needs to move to more seller friendly areas (green ellipse). A pullback in the EURUSD may create a “sell the rally in a downtrend” opportunity.   

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