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EUR/USD turns lower from SMA resistance
EUR/USD has begun weakening from the 200-period (4-hour) simple moving average (SMA), which has been a highly reliable indicator over recent weeks. Coming off the back of a retracement and rebound, there is still a good chance we could move higher from here.
However, the key here is whether we see another break through yesterday’s high and the 200-SMA to signal a continuation of the recent rebound. To the downside, the risk is that we break below $1.1662 to form a wider head and shoulders formation.