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EURUSD consolidates following sharp rally
EUR/USD has managed to rally sharply out of its downtrend, with the break through the $1.1165 level in particular sparking a more bullish outlook. This morning has seen price fall through pennant support.
However, we seem likely to be within a retracement and as such further gains are likely before long. The signal that this pennant break has been negated would be an hourly close above $1.1198. Until that occurs, we could be in for a deeper pullback, where Fibonacci support comes into view.