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EUR/USD Outlook: Euro Remains At The Back Foot

EUR/USD Outlook: Euro Remains At The Back Foot


The euro remains at the back foot as break below initial 1.3540 support triggered fresh acceleration that fully retraced 1.3500/1.3645 upleg. Break below 1.3500 support, focuses strong support zone at 1.3460/40, higher platform / previous peak of 20/08 and Fibonacci with 38.2% retracement of 1.3103/1.3645 rally. Negative near-term technicals favor the scenario, with consolidative action on oversold hourly studies expected to precede fresh weakness. Any stronger rally should stay capped under 1.3545/65, and a Fibonacci with 38.2% and 50% of 1.3645/1.3484 downleg to keep freshly established bears in play. Resistance: 1.3525; 1.3545; 1.3565; 1.3583

Support: 1.3484; 1.3460; 1.3440; 1.3400

EUR/USD Hour Chart” title=”EUR/USD Hour Chart” width=”800″ height=”400″ src=”” />

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