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EUR/USD tests resistance
The EUR/USD pair has been breaking to a new week’s high overnight, with the price selling off from last week’s $1.0833 support level. With the price currently drifting lower, we are likely to see further downside for the coming hour or so.
Crucially, yesterday’s candle closed on the $1.0808 July resistance level, and we would need to see a break and close above the $1.0808-$1.0833 resistance zone to bring expectations of further upside. With that in mind, the outlook remains bearish unless the price breaks higher. The long-term bearish outlook points towards a move back to $1.052 and $1.0462.