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EUR/USD party seems to be over
EUR/USD has had things all its own way over recent weeks, rallying heavily with few pullbacks. However, having run into a major trendline resistance, the pair has turned lower in a convincing manner.
Yesterday saw the pair mainly consolidating, yet further downside seems likely, with a closed hourly candle below $1.1465 representing the bearish signal to bring the $1.1396 support level into view. The $1.1465 level is crucial, representing the April peak.
This bearish view would come into question with a rally back above yesterday’s high of $1.1530.