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EUR/USD pullback within reach of key support level
The EUR/USD pullback has dropped beyond the 76.4% retracement, bringing about a heightened risk of a bearish breakdown.
We would need an hourly close below $1.2239 to signal a more bearish picture for the pair and, until then, there is still a good (but lessened) chance the pair will turn higher from here. An hourly close above $1.2345 would provide a more reliable signal that we are set to shift into a more bullish phase.
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