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Which EUR/USD trend will win out?
EUR/USD surpassed the 76.4% retracement, with a second break below the level in 24 hours. Clearly, we have a downtrend in place this week so far. Yet with an uptrend throughout 2017, and a potential downtrend on the long-term, the picture is perhaps not as simple.
Crucially, the determinant of where this market is going will come down to the ability, or inability, to break below $1.0620. An hourly close below that level would provide a sign that we are seeing a bearish reversal in play. Meanwhile, intraday bullish reversal patterns could provide us with the clues if we are set to continue the recent ascent.