Blow-off might be a bit strong, but looking at 5 minute bars, we got these sort of mini blow-offs yesterday as the market ran stops above 1.4150 and this morning below 1.3940. We are now consolidating around the 38.2% retracement of the drop from 1.4177 to 1.3934. It only seems like poetic justice that we close today at 1.4055, halfway between those two extremes in a market that is going nowhere fast.
Blow-off top and bottom in less than 24 hours
Source: www.forexlive.com
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