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EUR/USD breaks into new low
EUR/USD managed to break lower once more overnight, with a fall below the $1.1696 level providing a continuation signal of the recent downtrend. With that in mind, further downside is likely. However, with trendline support in view, it makes sense to await a potential retracement of yesterday’s drop before looking for shorts once more.
With the pair trading in a falling wedge, there is a good chance that the eventual breakout will come towards the upside. However, for that to come into play we would need to see a break up through $1.1788.