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EUR/USD decline intensifies after support break
EUR/USD has been selling off sharply since breaking below the $1.2154 support level last week. Yesterday’s price action was no different, with the price falling below the 200-day simple moving average (SMA).
This morning has seen a brief respite from that intense selling, with the pair rising into what looks like another retracement. The middle Bollinger band has provided us with a reliable resistance indicator of late, and this is likely to be the case should the price rally that far. As such, look out for a potential shorting opportunity at the middle Bollinger band, which coincides with the 50% retracement. A bearish outlook remains unless we see a break back above the $1.2139 swing high.