Is the retrace over?
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Last updated: Thursday, May 26, 2016
Yesterday EUR/USD had a go at the downside, breaking 1.1130 which was the previous day´s low. But it reversed back up and closed the day near the highs at 1.1160s. It has made another leg higher overnight reaching as high as 1.1190. The stochastic in the H4 chart is overbought and the price is right at the 20 MA so it looks like the retrace is over in the short term downtrend, therefore we are considering opening another sell forex signal.
Will the 20 MA put a lid on this retrace?
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ABOUT THE AUTHOR
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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