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EUR/USD turning lower from head and shoulders neckline
EUR/USD has been consolidating below the crucial $1.1662-1.1669 resistance zone this week. That represents the neckline of a three-month head and shoulders formation. Given the importance of that resistance level, the fact that we are beginning to move lower is certainly significant.
An hourly close above resistance points towards further upside. However, until then there is a good chance of a bearish move from here, with an hourly close below $1.1625 providing a strong bearish signal.