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EUR/USD turning lower, after short-term resurgence
EUR/USD has been moving higher after the fall below the $1.1715 mark yesterday. This continues the wider downtrend, so portrays this more recent rebound as a short-term retracement before we move lower once again. Price has rallied into the 61.8% retracement so far, before turning lower this morning.
However, the bearish signal comes with a break below the $1.1735 swing low. Until then, there is a chance that we could post a deeper retracement into the 76.4% level ($1.1800). Although, as long as the price does not break above $1.1832, any such rally would be perceived as a selling opportunity.