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EUR/USD steadies for now
Euro bears continue to hold sway here, but after declines for EUR/USD over the past four sessions, they should be on alert for a rebound. Any rally back up to $1.1950 should be treated as a selling opportunity, either to initiate new shorts or add to existing positions.
The $1.17 area is acting as support for now, but below this the 50-day simple moving average (SMA) at $1.1645, comes into play. Overall, the outlook is bearish, and remains so unless we see a recovery above $1.20.