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Draghi pulls EUR/USD out of bullish pattern
Fundamentals have proven to be the undoing of our short-term EUR/USD outlook for the near-term, with Mr Draghi’s dovish comments leading to a sharp devaluation in the pair.
The move lower was capped at the $1.0781 level, with the subsequent rally bringing us back to square one. However, the key here will be whether this morning’s downturn surpasses yesterday’s low of $1.0781.
Given that we have seen a big fundamentally driven move, I prefer to let the markets settle. However, it is worth noting that the tops have clearly rounded off and there is a good chance that any bounce today would come into resistance lower than $1.0922 for another leg lower.
Resistance levels of note are at $1.0904, $1.0922 and $1.0944, with support at $1.0808 and $1.0781.