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EUR/USD rollercoaster leaves bearish view intact
EUR/USD managed to gain and subsequently lose 300 points yesterday, in what was an incredible day of volatility for the pair. Crucially, despite the rally topping a key $1.1279 resistance level, the $1.1366 level is arguably more important as a swing high and it held.
On the shorter term picture, price broke back to a new low overnight and is continuing the downtrend in place over the week. The next key support level comes in at $1.0851, which is likely to be reached should we see an hourly close below the overnight low of $1.0907.
Until then, there is the possibility of a deeper retracement higher.