Longs are bailing here. All Euro crosses are under pressure. Contagion is the word and it is now clear that technicals are ripe for a trade range over the Summer. EUR/USD is hostage here...
Lets look at charts: daily triangle is intact. No sustained breakout above upper trendline, with daily spinning top two days ago, gave shorts the signal. It is now being supported by 61.8% fib (of 1.4102 - 1.4577), but since it is now below 50 day sma, 100 dsma @ 1.4260 and WS1 @ 1.4236 may become the targets for stops below. 1.4400 (50 dsma and WP) will be resistance above. Funny enough, there is still a rate hike tomorrow (priced in), but more important will be the language @ press conference. Listen to it if you can! I will post a link here as soon as I have it (shortly before 8:30 am EDT)
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