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Will EUR/USD break higher from recent downtrend?
EUR/USD has continued to trend lower following Friday’s peak, with the pair creating a new intraday low yesterday. However, the wider picture shows we remain within a wider uptrend following the major swing highs set in July and August.
Last week saw price rally off the 76.4% retracement and we are currently looking to find out whether the pair will surpass that support level or validate it by breaking higher once more. Price is currently being supported by a short-term ascending trendline and as such we will take our lead from the ability (or inability) to break through $1.1182.
Should that occur, it would point towards a resurgence in the pair and a bullish outlook for the week. Conversely, a break lower and especially below $1.1122, would provide a continuation of the recent short-term downtrend.