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Will EUR/USD spike falter again?
EUR/USD has seen a spike through the 50-hour simple moving average this morning, as the pair attempts to regain ground lost over the past ten days.
There is a clear downtrend in play in the short-term and we are inclined to expect this to continue until a reversal signal occurs. Given the overbought stochastic, coupled with the fact that price typically finds it hard to sustain above the 50-hour SMSA, it seems likely that sellers will once more come in around this area.
This bearish view remains unless we see a closed hourly candle above $1.1160. Key support levels are $1.1086, $1.1059 and $1.1000, with $1.1160, $1.1193, $1.1252 and $1.1338 the next key resistance levels.