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Back Technical analysis
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Back Technical analysis
EUR/USD – February 24th: German Election Results Support the Bulls
On Friday, the EUR/USD pair retraced
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On Friday, the EUR/USD pair retraced to the 76.4% Fibonacci correction level at 1.0458, rebounded, and reversed in favor of the euro. On Monday, a strong rally began, driven by the German election results, pushing the pair toward the 100.0% Fibonacci level at 1.0533. A rejection from this level would favor the US dollar and lead to a pullback toward 1.0458. A break above 1.0533 would increase the likelihood of further growth toward the 127.2% Fibonacci level at 1.0620.
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