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EUR/USD more downside is possible
EUR/USD has suffered two days of heavy losses, and has begun nosing its way through support levels at $1.0950 and $1.09.
Already an overnight rally appears to be losing steam at $1.09, providing further indications that more downside is possible. Key short-term support lies in the area $1.0829-$1.0851, and if this is broken then we may well see a swift move to the rising trendline from the December lows. A recovery above $1.09 would suggest a move back to resistance at $1.10.