- EUR/USD price action this week illuminating. Early week sell-off on True Finn surprise gain in votes to low of 1.4155. Note 1.4281 is a key technical level on the monthly chart where there is a notable previous high and also downtrend line coinciding. Thus, many bulls would have given up their positions when we broke below and closed on Monday 18Apr at 1.4232.
- Subsequent strength to new highs now (at 1.4566), taking out last week's high and re-affirming the upside break on all time frames is a very powerful development indeed. The path is now clear for 1.5141, with positions lightened by the downdraft. What we have now is a false reversal = strong affirmation of uptrend.
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