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Euro Technical Forecast: EUR/USD Pulls Back Ahead of NFP
The EUR/USD rally has continued with price pushing up to the next zone of resistance. The sell-off in the pair on the heels of the March FOMC rate decision was fast and aggressive, and that extended on Monday to open Q2, creating a falling wedge formation along the way. Tuesday saw bulls stepping back into the picture and pushing a breakout from that formation and that was happening alongside the USD resistance test at the 105-handle on DXY. That led to a deeper pullback in both markets, with EUR/USD rushing up to resistance at 1.0832 which was confluent with the 200-day moving average, after which bulls pushed up to ... (full story)