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EUR/USD fails to retake highs
EUR/USD is turning lower this morning, following on from a failed bid to rally up towards $1.1218. The lower high created this morning provided a bearish signal and we are selling off in response. As such, further downside seems likely, with $1.1086 the next support level of note.
Ultimately, the $1.1059 level is the most important as this capped any upside over the month prior to last week’s breakout. Thus should this downside persist, we would be looking towards $1.1086 and $1.1059 as important levels to cap any negative move.
A more bullish view would come back into play with a break and closed hourly candle through $1.1193.