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EUR/USD and GBP/USD Forecast June 26

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The Euro initially pulled back during the day on Monday but turned around to form a very bullish candle as we recovered. You can see that I have the Fibonacci Retracement Tool drawn on the chart from the most recent sell off, and we have busted through the 50% level. Now that we have cleared that, and the 1.17 level, it’s likely that we will go to the 61.8% Fibonacci retracement level, which as you can see had previously had resistance before the breakdown. I think once we break above there, we will wipe out the selloff after the ECB statement. Once we cleared that level, then the market is free to go much higher. For what it’s worth though, I think that more likely we will see overall consolidation between the 1.1850 level above, and the vital 1.15 level underneath. The US dollar is being punished to some extent due to the trade concerned. for more analysis: http://www.dailyforex.com
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