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EUR/USD retraces within bullish trend
EUR/USD has continued to trend higher, with the pair gaining over 150 points from yesterday’s low to high. We are seeing the pair retrace once more, yet the depth for this retracement seems a likely reflection of the strength of the rally seen yesterday.
As such, a bullish outlook remains in play, unless price closes convincingly below $1.0826 on the hourly timeframe. Until then, it seems prudent to watch out for any bullish reversal signals in the shorter term timeframes.
Resistance levels of note are at $1.0883, $1.0904, $1.0944 and $1.0984. Support levels to watch are at $1.0826, $1.0808 and $1.0781.