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EUR/USD catches a bid
EUR/USD has failed to break back to $1.0952 overnight, with the pair instead rallying higher this morning. Crucially, this seems like a part of the process, with the failure to regain $1.1041 and a subsequent move back below $1.0983 pointing towards a highly likely move lower.
As such, this rally provides those who didn’t get the 76.4% short entry with a second bite of the cherry, with another move lower likely before long. With that in mind, a bearish view remains in play, with a rally into $1.1020 of particular interest.
Given yesterday’s new lower high, there is also a potential to put together a five or six to one risk/reward trade at $1.1017 based on the notion that we will see a move back down to $1.0952 and not back above $1.1029. In either case, as long as price remains below $1.1041 a bearish view remains, with a move back down below $1.0952 likely.