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EUR/USD downtrend continues apace
EUR/USD is trading within a descending triangle formation, following on from a strong period of downside for the pair. We expect this to resolve with yet another leg lower today, with a closed hourly candle below $1.1000 providing us with the signal that further downside is impending.
The downward sloping resistance trendline provides us with a more difficult task when attaining the true swing high of note. However, it is clear that with an hourly close back above $1.1046, we would have broken higher from this triangle and solidified that by creating a new intraday trend change.
Thus such an occurrence would provide a signal that we are due a bounce for the pair. Until then, a bearish outlook remains, where $1.0952 represents the next important support level.