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EUR/USD rally unlikely to last
EUR/USD has been gaining ground since yesterday’s drop to $1.0352, yet with that 14-year low came a new lower low on an intraday basis, thus justifying the continued bearish outlook.
This current rally looks unlikely to last past the $1.0480 swing high and as such, the gains seen over the past 24-hours seem like a retracement of that move lower from $1.0480. Thus a bearish view remains below that level, with rallies into the $1.0431-$1.0450 zone providing another attractive shorting opportunity.