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Wednesday’s Descending Euro

Wednesday’s Descending Euro

The Euro continues to descend gradually, after losing 1.35 handle, with fresh weakness approaching strong 1.3450 support, 50% retracement of 1.3337/1.3567 upleg / previous top of 20/08. Negative hourly studies and 4-hour indicators breaking below the midlines, see scope for further correction towards next significant support zone at 1.3400/1.3390, former lower platform and double Fibonacci support. Key near-term support lies at 1.3330 higher platform and 50% retracement of 1.3103/1.3567. Larger picture outlook remains bullish and favors further upside, once near-term correction is completed.

  • Res: 1.3480; 1.3500; 1.3547; 1.3567
  • Sup: 1.3450; 1.3425; 1.3400; 1.3390

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