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03.08.2020 05:31 PM
EURUSD pulls back towards Fibonacci retracement

In yesterday's analysis I mentioned our first pull back target for EURUSD at 1.16. However we also mentioned that in order for price to reach the 38% Fibonacci retracement the short-term support at 1.1740-1.17 area should first break.

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Yellow rectangle- consolidation range

EURUSD has started the anticipated pull back. Price has stopped decline right at the first important short-term support. We repeat what we wrote yesterday. If support at 1.1740-1.17 fails to hold, EURUSD will push towards 1.16 which is the important 38% Fibonacci target. We consider the pull back as a buying opportunity.

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