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EUR/USD weakness likely to continue
EUR/USD has started selling off over the past two days, following on from a deep retracement into the zone between the 61.8% and 76.4% Fibonacci retracements.
The rebound we have seen overnight brings the pair into a smaller 76.4% retracement around $1.1576, which could provide us with the next leg lower today. A break above $1.1591 would point towards another wider rebound for the pair, at which point we would be looking at the $1.1641 Fibonacci resistance level. However, for now this recent downside move looks likely to persist.