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EUR/USD bounces from short-term support
EUR/USD has been selling off heavily in a continuation of the weakness seen in late Friday.
However, we have seen price bounce in a convincing manner from the 100-hour simple moving average, which coincides with an ascending trendline support.
As such, there is a good chance this will have marked the bottom of the selloff, with another leg higher a distinct possibility. The trend of late is clearly geared towards another move towards the upside.
This view would only be negated with an hourly close below $1.0834. Resistance levels of note are at $1.0904, $1.0944 and $1.0984. Below $1.0834, support levels of note are at $1.0808, $1.0796 and $1.0773.