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EURUSD Pushing Dual-Support

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The EURUSD currency pair is currently pushing down into the 1.1887 to 1.1915 dual-support area. The current grid for the EURUSD pair looks as follows:

5/5 – 1.2000

4/5 – 1.1971

3/5 – 1.1943

2/5 – 1.1915

1/5 – 1.1887

0/5 – 1.1859

Should dual-support be lost, then watch to see if 1.1859 holds or not.

The bigger picture view of the EURUSD currency pair is:

5/5 – 1.2000

4/5 – 1.1859

3/5 – 1.1718

2/5 – 1.1578

1/5 – 1.1437

0/5 – 1.1297

Should the Euro strengthen against the U.S. Dollar then consider the following level:

5/5 – 1.2994

4/5 – 1.2795

3/5 – 1.2596

2/5 – 1.2397

1/5 – 1.2198

0/5 – 1.2

Expect resistance at the 1.2198 and 1.2397 dual-resistance level.

The current Balanced Price Range (BPR) (can change daily) for EURUSD is .7677 to 1.2346. So, contrary to some current speculation about the EURUSD moving above 1.2000 and perhaps as high as 1.2500, the high end of the pair’s BPR is currently below the dual-resistance top of 1.2397.

The DXY recently rebounded off of it’s dual-support of 92.16 to 92.44, so that would seem to run counter to the idea that EURUSD would move toward 1.2300 to 1.2500. This, of course could change, but the ingredients do not appear to be in place, technically, for that move to happen at this moment.

The Balanced Price Range (BPR) uses principles of Alan Andrews’ Action-Reaction, the concept of balance, algebra, square roots and other elements to forecast the maximum low and high price based on the current day’s closing price.

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