Euro Crunch Continues

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Euro is exhausting just ahead of the upper bounds of a massive multi-month consolidation pattern. An embedded near-term ascending pitchfork formation has been guiding this recovery with price turning from the 75% parallel late-last week.

Initial support rests with the 200DMA (~1.0784) backed by 1.0755- losses should be limited to this threshold IF price is heading higher on this stretch.

Ultimately, a breach / close above the June high-day close (HDC) at 1.0879 is needed to suggest a much larger breakout is underway here.

US CPI and PPI on tap Thursday & Friday. Watch the weekly close for guidance here.

Michael Boutros, Sr. Technical Strategist
MBForex

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