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Today is the day of the main operations on the open market (MRO), which means that there is a new level (1.1640) formed at the time of the compilation of orders.
The ratio of today's level relative to the previous two indicates an upward priority, so the price decline of the EUR/USD pair should be considered as a correction. The task is to find favorable prices to buy the instrument.
The nearest target is the level of 1.1612, which has been a resistance level for a long time. However, it was broken through this week. Testing this level requires us to consider the pattern to buy the euro.
It is important to understand that the upward movement is impulsive, which means that a large position is being set for sale. A lot of sell limit orders are triggered, which indicates a huge number of applications to sell the euro. So, it is more profitable to build the trade in the direction of triggering these orders.
An alternative pattern will develop if today's European trading closes below the level of 1.1612. This will indicate a change in the benchmark and a preponderance towards the appearance of buy limit orders.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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