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EUR/USD continues to build a base for potential recovery
Following a 76.4% retracement of the $1.2205-$1.2556 rally, EUR/USD is continuing to consolidate.
With a subsequent shorter-term intraday 76.4% retracement also coming into play, we are now seeing the price turn higher once more. The ability to break above $1.2353 will provide us with the clues of whether this bullish view will gain traction. An hourly close above that level would bring a bullish outlook, whereas a fall below $1.2281 would bring a more neutral/bearish view.