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EUR/USD rising, yet will it break resistance?
EUR/USD has been rallying overnight. However, with the past three days seeing selling dominate for this pair, we are working within a short-term downtrend.
The stochastic is clearly overbought and with the MACD signal line at trendline resistance, there is a good chance we could see the pair sell-off once more to remain within the trend.
As such, while further upside is likely to come back into play at some point, we have seen no signal to say that this is now and thus the bearish view remains with support levels of $1.1118 and $1.1086 the next to watch.
This bearish view would be negated with an hourly close above $1.1193, which would then look towards $1.1252 and $1.1338 as the next key resistance levels.