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DennisDims

"EUR/USD Retracement After Bearish Breakout

Long
Euro / U.S. Dollar (FX:EURUSD)  
DennisDims Updated   
FX:EURUSD   Euro / U.S. Dollar
Support and Resistance Pivot Points Fibonacci forexsignals intradaytrade signals Technical Analysis
4
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supportandresistance pivotpoints fibonacci forexsignals intradaytrade signals technicalanalysis
The EUR/USD pair has recently encountered significant downward pressure, breaching key support levels.
A double bottom pattern, a classic bullish reversal formation, has formed within the downtrend indicating a potential exhaustion of selling pressure.
We can expect a retracement towards the broken support at 1.07257.
Comment:
The price has reached the designated entry level, signalling a potential opportunity to initiate trades.
It is prudent to wait for confirmation of a reversal on lower timeframes before executing orders.
Trade closed: target reached
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