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EUR/USD could move down to $1.0952
EUR/USD has rallied into the 76.4% Fibonacci resistance, following a period of strength which progressed from yesterday’s gains. This is good thing as it provides a better price for shorts and it is likely that we will see the pair trade lower from here. We remain within a downtrend and as long as price remains below $1.1041 a bearish view remains.
The first sign that the sell-off is resuming would be a break back below this morning’s low of $1.0982. Ultimately, a break back down to $1.0952 seems likely rather than a move back above $1.1041.