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EUR/USD retracing higher
Friday’s sharp selloff in EUR/USD led the pair back onto a bearish pathway and despite the rally early this morning, further downside seems likely.
Currently coming into $1.0859 resistance, we are seeing long upper shadows on the past two candles which highlights possible weakness. However, for us to resume the downtrend, we would need to see a close back below $1.0824, bringing support levels of $1.0808 $1.0789 and $1.0777 into play.
Until that happens, this retracement higher could easily continue, with $1.0859, $1.0869 and $1.0883 as key resistance levels.