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EUR/USD falls towards key support level
The pair has been drifting lower in the first half of the week, with EUR/USD moving into a support level that is pivotal for the short-term outlook.
That $1.1727 support level is going to be the key level to watch today, for a break below there would complete a lower low and accompany the lower high set yesterday. As such, an hourly close below $1.1727 would provide a bearish short-term outlook to coincide with the wider bearish outlook. Otherwise, a rally above $1.1837 would signal a likely continuation of the recent rebound.