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EUR/USD has potential for bearish turnaround
EUR/USD has drifted lower overnight, in what has been a strong week for the pair. However, with the price having moved into the 76.4% retracement, there is a chance we could see some weakness come into play, as long as we remain below $1.1691.
Interestingly, transposing the trendline from the recent lows onto last week’s high, provides us with the absolute top of trading on Friday. As such, while we are seeing some strength coming back into play, watch out for trendline resistance. As long as the price does not break through $1.1687 resistance, then a bearish view remains in play.