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EUR/USD continues to drift higher
EUR/USD continues to drift higher this morning, in what looks a lot like a short-term retracement rather than any sort of change in the overall trend.
We have seen this happen many times before and thus the bearish view remains, with $1.0667, $1.0674 and the 50-period simple moving average (four-hour) providing potential sources for the next leg lower.
Should the selloff resume, the next major support zone comprises of the March and April lows of $1.052 and $1.0462. This bearish view holds unless price closes above $1.0708.