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EUR/USD wakes up

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EUR/USD raced higher on Thursday, breaking above the resistance (turned into support) barrier of 1.1360 (S1). I would now expect the rate to continue higher and challenge the key resistance hurdle of 1.1540 (R1). Our momentum studies corroborate my view and amplify the case for further bullish extensions. The RSI edged higher after crossing above its 50 line, while the MACD, already above its trigger line, obtained a positive sign and is now pointing north. As far as the broader trend is concerned, the price structure still suggests a longer-term downtrend. EURUSD is printing lower peaks and lower troughs below both the 50- and the 200-day moving averages. Therefore, I would still consider any possible upside waves as corrective moves.

• Support: 1.1360 (S1), 1.1260 (S2), 1.1100 (S3).

• Resistance: 1.1540 (R1), 1.1650 (R2), 1.1730 (R3).

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