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EUR/USD consolidating after trendline break
EUR/USD managed to break above trendline resistance on Wednesday, paving the way for a potential short-term recovery after a period of substantial downside.
Greater confirmation of this bullish near-term view would come in the event of a break above the $1.1750 swing high. Until then, there is still a chance of another move lower. However, with the pair having broken through this descending trendline off the back of a failed attempt to sustain the break below the critical $1.1554 level, there is a good chance we could see a more protracted move to the upside. As such, bearish positions only make sense in the event we break below the $1.1554 and $1.1509 zone.