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EUR-USD Medium to Short-Term Outlook This was a quiet start for the week as price action marked time. There is no change in outlook. Last week, price action rebounded from a 14-month low at 1.28588and rose into a minor overhead supply pocket at 1.29727-1.29879 on Friday.This level is located in between the 38.2% retracement of 1.35193 t 1.28588 at 1.29736 and the 100.0% extension of 1.28588 to 1.29621 from 1.28830 at 1.29836(refer to H1 chart).As therise is corrective in nature, it is likely to have peakedat 1.29788and while price action over the last 24 hours has turn lower,there is no confirmation that the fall has resumed. In the short to medium-term, only a sustained break below1.28588would mean confirm the resumption ofthe fall with focus on the 61.8% retracement of 1.20414 to 1.39929 at 1.27869(refer to W1 chart). This level is located just above a major demand zone at 1.26602-1.27786in the D1 chart. Alternatively, if this rebound from 1.28588extends higher beyond 1.29788, topside potential is probably limited to the 23.6% retracement of 1.39929 to 1.28588 at 1.31264 and the September 3 high at1.31593. TRADE IDEA #1 Sold at1.29743 Sell between 1.30110-1.30394 Stop-Loss: Exit on H4 close above 1.29879 Primary Target: 1.27786 Secondary Target: 1.27045
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