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EUR/USD back to trendline resistance
EUR/USD rallied late into yesterday’s session, bringing price back to a trendline dating back to late February. There is no doubt that this sell-off has lost a lot of its steam of late, yet with expectations of further easing at the European Central Bank next week, there is a good chance we could see further downside.
For now, the pair continues to marginally make lower highs. Thus while the bearish view remains, an hourly close above trendline and $1.0881 resistance would point towards some form of retracement higher, with $1.0911 the next resistance level in view.
Alternately, another move lower would look towards support levels at $1.0853 and $1.0826.