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A quick move expected on EUR/USD as it starts approaching a resistance line of a Channel Down

EUR/USD is heading towards the resistance line of a Channel Down and could reach this point within the next 5 days. It has tested this line numerous times in the past, and this time could be no different from the past, ending in a rebound instead of a breakout. If the breakout doesn’t happen, we could see a retracement back down to current levels.

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We expect a $71.095 movement on USDCHF within 4 hours following the release of Balance of Trade.

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