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EURAUD Broke Out Above 9-Year Resistance with Massive Upside to 1.8

EURAUD Monthly Price Chart – The pair broke out above a nine-year falling resistance (blue line) and has traded within a narrow range for the last three years similar to what happened from 2005 to 2008. With retail traders extremely short the pair and positively oriented indicators we should expect a repetition of the 2008 scenario with a strong rise towards 1.8 price ratio.  Scenario will remain valid as long as the 7-period monthly moving average is rising.

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