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EUR/USD retracement continues, for now
EUR/USD has been gaining ground over the past week, following on from the Brexit-fueled sell-off. So far we have retraced 50% of that downturn, with price pulling back from that Fibonacci level. From a wider perspective, this rally is likely to have limited legs on it and as such another leg lower seems likely before long.
With that in mind, a short-term bullish view remains in play, yet be on the lookout for bearish reversal signs. The next resistance levels of note are $1.1170, $1.1231 and $1.1306. An hourly close below $1.1072 would provide a bearish signal in line with the wider trend.