Friday, April 16, 2021 7:10 AM EDT
The EUR/USD has formed 4 times resistance at the top. We could see a move down straight towards the ATR projection.
After many days of consolidation, the pair is consolidating around the top. We could see a move down as the market lacks the power to break the order block and advance above 1.2000. However, bears are also lacking the power to break 1.1945. If 1.1945 breaks we should see 1.1925 followed by a retest of 1900. In my opinion, the pair should drop.
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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. On average around 80% of retail investor accounts loose money when trading with high leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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