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EUR/USD looks to retrace previous downturn
EUR/USD has managed to claw back some ground overnight, as yesterday’s dollar conviction appears to have hit the buffers, likely driven by a degree of profit-taking and positioning ahead of tonight’s election.
Price has been pushing through the $1.1059 marker, where an hourly close above that level would provide clues that we are likely to see a deeper retracement of yesterday’s sell-off.
With that in mind, there is a good chance of a short-term rally which would then play into what looks like a bearish reversal into the wider long-term downtrend.