EURUSD Is Correcting to 1.06000
The EURUSD surged by 4.5% in just one week, reacting emotionally to news from Germany. This rapid rally is unprecedented since March 2009, and such sharp movements rarely occur without a subsequent pullback. A correction is essential for the pair to sustain its upside trajectory in a more stable manner. It would help alleviate extreme overbought conditions, as prices have significantly deviated from the average—a scenario last seen in mid-July 2023.
Although the EURUSD failed to reach its initial targets of 1.09500–1.10500 on the first surge, a correction could set the stage for another attempt. The retracement might bring the pair down to 1.06000 before resuming its climb. This presents an opportunity for a short trade from 1.08200–1.08600, with a stop-loss placed at 1.09400.
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