The EUR/USD had been riding the 5 EMA on the longer timeframe charts throughout the day's prior trading sessions. A bounce on the 21 EMA and subsequent 5/8 cross appeared just before the New York session began. Traders who took the entry at the 5 EMA enjoyed a quick ride to the 1.43 area -- a new all-time high for the euro. The outcome: 30 to 40 pips (depending on the exit strategy).
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