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EUR/USD downtrend expected to continue
EUR/USD saw significant volatility on Friday, following a largely negative non-farm payrolls release. However, the US dollar has proved resilient and this is expected to push EUR/USD to further losses today. So far we have seen the 38.2% retracement provide resistance. However, any further upside would simply be seen as a better short entry opportunity.
This bearish view remains unless we see a closed hourly candle above $1.1482. Key support levels of note are $1.1380, $1.1339 and $1.1310.