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EUR/USD: Relief Rally Could Give New Shorting Opportunities

EUR/USD: Relief Rally Could Give New Shorting Opportunities

As we could witness last week Greece agreed with austerity package and received well needed money which will keep it safe for now.Greece banks also reopened on Monday and currently we can see a weak relief rally in the pair.

Technically EUR/USD is still in downtrend ( LH/LL , MACD < 0, inner trend line broken, new lows being printed ) and we need a nice rally to sell it higher. 1.0940-60 if reached could provide us with new shorting opportunities. POC comes at 1.0940-60 ( H3, DPP, 38.2, previous swing) and rejection should target 1.0770-50. Strong resistance lies around 1.1040 region as we can spot 2 trend line cross in confluence with H4 cam pivot.

EUR/USD 4 Hourly Chart

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