(Please click on the accompanying chart to enlarge.)
As of early Tuesday morning in New York, the bulls on the EUR/USD daily chart, as shown, have been resisting the bears, as might be expected from a support/resistance perspective. Noted on Monday’s Chart of the Day (please click here to view), price has been approaching a confluence of support. These support factors are notated by the three converging lines on the accompanying chart. Barring a fundamentally-driven breakdown below this strong support, there is a technical bias towards an eventual move back up to target the 1.3050-1.3100 region once again, which represents the approximate top of the current consolidation.
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