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EUR/USD upside could be limited
We have been seeing some form of resurgence in the EUR/USD off the back of the FOMC minutes. However, this is countertrend and would therefore be unlikely to last for too long. While we have not seen the price close below $1.0667 quite yet, the sharp move lower from Fibonacci support ($1.0711) is looking increasingly ominous. Should we see a closed hourly candle below $1.0667, then this would point towards a return of the bearish view, with $1.0617 support the next level to watch out for. Until we do see that close below $1.0667, there is a chance of a bounce, which would subsequently look towards $1.0711 and $1.0763 resistance levels.