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EUR/USD consolidating after recent ascent
EUR/USD has been retracing gradually off the back of the strong ascent seen over the past fortnight. The shallow nature of this decline points towards a likely break higher before long, with a rally above $1.1718 indicating further upside to come.
Ultimately, we would need to see a break through $1.1746 to provide greater confidence of a wider recovery for the pair. However, until $1.1718 is broken, further downside could still come into play to maintain this current drift lower.