EUR has been testing the patience of long traders for the past few weeks. The EUR has been making new lows and I am one of those long traders who got knocked out of my trades, each time I went long on retracements. Thankfully I had my stop loss to limit my losses.
EUR dropped to a low of 1.2706 today (2 Feb), and bounced up to trade around 1.2826 (as I type this blog). I am currently long on the EUR when it triggered my long order at 1.2805.
Should the low of 1.2706 holds, we should see the EUR rise up to around 1.3350 to test the last resistance (pincer top).
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