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EUR/USD forms double bottom on the daily chart

The EUR/USD did not break any new ground after the European close on Friday. The rise into the 4pm London fix stalled again ahead of the noted 1.0673 resistance level, peaking this time at 1.0672. The subsequent drop back into the US close saw it slip to around 1.0640, before later ending the week at 1.0653. What the price action on Friday did deliver was a clearly defined double bottom on the daily charts, after it set a low at 1.0615. The low seen the day before had been set at 1.0617. So far today the EUR/USD has remained in a tight range, with 1.0643 to 1.0657 covering it ahead of the European opening. The immediate price action of last week could suggest we might see an extension, if either side of 1.0615 and 1.0673 is taken out, but so far today that has not happened. The EUR/USD is just now at 1.0649
 

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