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EUR/USD beginning to weaken
Rallies in EUR/USD have been sold since the European Central Bank (ECB) meeting, with an inability to push back above the $1.20 mark. The uptrend is not beaten yet, but a push below last week’s low of $1.1837 would signal further weakness from here.
Longer-term, we would need to see the price below $1.1780, the 50-day simple moving average (SMA), to put a real dent in the trend, so for now, caution is the watchword for bears.