(1,3041) The EUR/DOLL failed to confirm the previous day’s positive day reversal forming instead a negative one suggesting another test on the downside. A daily closing tonight below 1,2990 will support a s/t top causing a resumption of the decline for a break below 1,2950!! The indicators of the daily chart are however still positive while those of the s/t ones are showing a mixed picture suggesting further consolidation. Only an hourly closing below 1,2990 will support a direct extension of the decline for a test of our s/t target at 1,2947 with a possible undershooting toward 1,2850!! While below the 200 hours line at 1,3056 we expect the EUR/DOLL lower!! We stay on the sideline while waiting for stronger signals.
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