On the 4-hour chart, #EUR/USD# has bounced off the 38.2% Fibonacci extension at 1.0838. This has resulted in the Euro pressuring “inner resistance” which if taken out, may result in a test of “outer resistance”. The latter is maintaining the dominant downtrend from this month’s top. That may come into focus down the road in the event of a prolonged rise. If it holds, then we may see EUR/USD resume its steady push lower.
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