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EUR/USD staying above $1.17
EUR/USD has fought hard to hold above $1.17 all week, and today has been no different. However, despite yesterday’s breakout above $1.18, the price still faltered below the $1.1850 high from 11 August. If the pair can break the descending trend on the four-hour chart, then this area from $1.1830 to $1.1850 is the key one to watch, as a break above here would target $1.19, the high from the beginning of August.
Bears are likely to remain frustrated unless we see a close below $1.1650, which would clear the support zone that has held for almost a month now.