A consolidation triangle is forming above the all-important 1.2620-40 zone. If the triangle breaks to the south, sellers are going to give this 1.2600 area a good run.
EUR/USD is holding the daily uptrend channel support, .618 retracement at 1.2640, barely. Should the 1.2600 level give way, the .786 retracement and July 26 low at 1.2560 will be the next level of contention.
The dollar direction at this point is just too tough to call, so for now, we're going to just take the setups as they come void a dollar bias until more reliable price data enters the market.
Todd Gordon writes that we are now facing minor uptrend support that could offer existing shorts the chance to build into a full short position in the USD/JPY.
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