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EUR/USD looks set for another move lower
After a sharp move lower on Wednesday, EUR/USD has been consolidating. This points towards further downside, where the existence of trendline resistance could bring a move in the near future.
Interestingly, we have a clear resistance level at $1.2295, which if broken would likely lead to a more bullish short-term picture. Nevertheless, unless the price breaks above $1.2406, such a bounce would look like a temporary retracement within a wider bearish move.
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