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EUR/USD sell-off slows
The sharp depreciation in EUR/USD over Friday and Monday has somewhat petered out into a low volatility environment. This morning has posted a new higher low, yet with the pair coming back into trendline resistance, there is a good chance we could see yet another move lower from here.
With the 50-hour simple moving average also at the $1.0875 resistance level, a short-term sell-off seems likely. However, should we see a closed hourly candle above $1.0881 would provide a signal of a deeper retracement, where resistance levels of $1.0898 and $1.0914 would come into view.
Ultimately, we would need a break back up above $1.0963 to negate this recent downtrend.