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EUR/USD consolidates after rally
EUR/USD has been consolidating this week, following a sharp rally towards the 76.4% retracement level last week. The ability to remain below $1.1040 provides a continued bearish outlook, where an hourly close above that level points towards a wider retracement of $1.1100 and even $1.1123 resistance.
For now, a bearish view remains in play, with current levels offering value to the downside given the depth of the recent retracement.