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EUR/USD retracement likely to bring another move higher
EUR/USD has gone back towards the 76.4% retracement within a recovery phase. This comes within a wider range, pointing towards a likely return to the upper echelons, around $1.2476, at some point.
While the price fell below the $1.2336 swing low overnight, this looks like a three legged retracement before we move higher once again. As such, further upside is expected from here, with a drop below the $1.2299 level needed to negate the bullish outlook.