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EUR/USD rallying from horizontal support
EUR/USD has started to gain ground from the $1.1724 support level, which represents the highs from the beginning of last week.
With a clear uptrend in play over recent weeks, the weakness we have seen since Friday’s peak of $1.1803 is likely to start fading. As such, while further short-term downside is possible, it is worthwhile noting that it is likely to be temporary, and thus a bullish outlook remains in play unless the price falls below $1.1650.