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EUR/USD turns lower in range continuation
EUR/USD has turned lower once more from the $1.129 resistance point. This range has held for over two weeks now and the selloffs generally hold greater consistency and clarity than the rallies. That being said, the downside targets have not been as reliable, and I am hesitant to expect too much from this selloff. Nevertheless, I to expect further downside to come and $1.121 seems like a likely initial support level to come into play.
With the MACD and stochastic both turning lower, the momentum is clearly turning in favour of the sellers and this corroborates my bearish view. A break above $1.129 would be the clear event that would bring about a more bullish view.