The Euro is pausing at the previous swing low (1.3142) this could provide temporary resistance and cause the Euro to pullback.
The Euro is poised to pullback today. The Euro may be pausing at the previous swing low, 1.3142. Also the 50 day moving average is also providing resistance around 1.31. From here I’m expecting at least a temporary pullback possibly to the 20 day moving average near 1.29. It has already made a lower low below yesterday’s 1.3093 low but it currently trading above this level. So I would expect it to begin heading down fairly quickly within the next hour or so. If it does not then I wouldn’t count on it pulling back at all and would watch to see if it closes above the 50 day moving average or not. If it stays above the 50 day moving average then it is most likely headed higher, not lower.
Also if the ES pullback continues then I expect the Euro will follow suit. But if the Euro stays strong then it might indicate the ES pullback will end shortly too.
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