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EURUSD Approaches Key Inflection Point
The EURUSD has a decision to make. I’ve discussed the significance of the confluence of support at 1.0990 for several weeks now. It’s a key horizontal level based on the lows and highs since September. The 1.0990 area is also the bottom of an ascending channel that extends from the year-to-date low. Of course, we’ve yet to see the EURUSD test that channel bottom, but I’m confident it will attract buyers on a retest. 1.0990 was also the breakout point for the euro in October. If that wasn’t enough, 1.0990 is the 61.8% Fibonacci retracement of the October range, which was a bullish engulfing candle. All of ... (full story)