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EUR/USD to retrace from key resistance?
EUR/USD is moving lower this morning, following on from a rally into the February high of $1.0829. That level is going to be crucial in determining whether we are set for a more protracted move higher. However, for now it looks like we could start to retrace some of this week’s gains, with an hourly close below $1.0775 pointing towards a deeper pullback.
It is worth noting that while the short-term trend remains firmly bullish, the fact we are seeing a pullback from a key resistance level means it makes more sense to either get long a break through $1.0829, or short a move back below $1.0719. Until then, we are in discovery mode.