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EURUSD is on consolidation between the 1.2360 and 1.2500 trading band
continues, with clear cues from candlesticks lacking. Yet in the context
of a medium-term downtrend the pair may be set to revisit the recent
lows near 1.2360. Beneath which would put the August 2012 trough at
1.2250 in sight.
A close above 1.2500 would be required to negate a short-term bearish technical bias as this 1.2500 is psy resistance level.
The four hour chart reveals a Shooting Star formation near the 1.2490/1.2500 ceiling. The key reversal pattern flashed an early warning of an intraday retreat, and turns the focus on the range-bottom to 1.2365.