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EURUSD Breaches Channel Support

  • EURUSD has breached a key support that lies at 1.0784.
  • This marks the base of the bull channel drawn from the Mar 15 low and represents a key pivot point.
  • A clear channel breakout would strengthen bearish conditions and confirm a resumption of the downtrend.
  • On the upside, key short-term resistance has been defined at 1.0945, the Aug 30 high. Clearance of this level would highlight a short-term reversal.

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