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EUR/USD downside expected
EUR/USD has been trading sideways following on from Monday’s sell-off. We are yet to see any sign this is over and thus a break and hourly close through $1.0990 would be required to signal a possible next leg lower. Below this, the $1.0967 support level would be crucial to any further losses.
Given the recent downtrend and the gradual lower highs coming into play, a break lower seems most likely, yet until we see that occur, consolidation is likely to resume.