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EUR/USD pulls back to Fibonacci support
EUR/USD has finally started turning lower, following a move above the 76.4% retracement of June’s referendum sell-off. So far this morning, we have seen it fall into the 76.4% pullback of last week’s rally.
While we could see a bounce from here, it seems likely that we are seeing a trend change for the short-term, to revert to the bearish trend of recent years. For further confidence of this move, an hourly close below $1.1241 would be a particularly bearish signal.