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EUR/USD rallies to key resistance
EUR/USD is rallying heavily this morning, bringing price back to the key resistance level of $1.0944. This level is absolutely crucial as it represents the creation of a new high and thus negates much of the weakness we have seen in the past three trading days.
That said, a closed hourly candle above $1.0944 would certainly be notable and would provide a more bullish slant for the pair. However, until that occurs, we could see this important level cap the upside for now.
Key support levels are at $1.0904, $1.0833 and $1.0808, with resistance levels of note at $1.0944, $1.1000 and $1.1059.