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EUR/USD falls back into deep retracement
EUR/USD sold off into the 76.4% Fibonacci level on Friday, in what looks like a retracement of the rally from $1.0493 given the wider uptrend that has been in place throughout 2017. With that in mind, there is reason to believe that the pair will begin to turn higher in the near future. Either that, or we can see a break below $1.0493, which would signify a major bearish shift on the longer term picture for the pair.
For now, we would have to break all the way back above $1.0689 to provide a new higher high. Thus it makes sense to see how things play out around this region. Whether it will be the creation of a base, or further selling to move closer to the key $1.0493 level. Given the bearish signals seen for the likes of GBP/USD and AUD/USD, it’s likely we could end up breaking below $1.0493 and out of this longer term uptrend.