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EUR/USD rallying from trendline support
EUR/USD has been weakening sharply throughout the middle of the week, yet we are seeing tentative signs that this pair is going to turn higher once more. Crucially we have seen the pair bounce from an inside trendline support, with price action heading higher ever since.
The key here is whether we see an hourly close above $1.1148. Should that occur, we would have reason to believe a period of strength would follow. However, the inability to break through that resistance level would point towards a challenge of trendline support once more.