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EUR/USD Friday's drop signaled that the current upside momentum could be ended and that a minor correction could develop. The USD has taken the lead in the short term as the US Dollar Index has managed to rebound.
The bearish engulfing pattern could be confirmed by a bearish candle today, so EUR/USD could turn to the downside if it stays below the 1.18 level.
EUR/USD has reached another higher high at 1.1909 on Friday, but it has closed the session at 1.1775 level signaling exhaustion. The false breakout through the confluence area formed at the intersection of the 1.18 with the 250% line represents a bearish signal.
Still, only a retest, rejection, or another false breakout above the 250% Fibonacci line will indeed confirm a corrective phase.
Buy a valid breakout above the 250% line and above the 1.1800 psychological level, the first target will be at the 1.1909 former high, while the second upside target is seen at the 1.2000 level.
Sell a 250% line retest or a drop below the 1.1740 today's low, 23.6% retracement level and the warning line (WL1) could be used as downside targets.
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