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EUR/USD rally could be shortlived
EUR/USD has been gaining ground this morning, following on from a week of losses that brought the price below the 76.4% retracement at $1.1771. With the wider creation of higher highs and higher lows still in place, we would need to see a break back below $1.1713 to truly negate that bullish view.
However, with the break below the 76.4% level, there is a good chance we could continue on the recent sell-off. As such, a break above $1.1815 would provide a bullish outlook, whereas a fall below $1.1713 would provide a bearish outlook.