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EURUSD Resumes Its Downtrend

  • The pair is trading lower today and in the process has breached support at 1.0359, Jun 15 low, and 1.0350, the May 13 low.
  • The break lower confirms a resumption of the primary downtrend and an extension lower within the bear channel drawn from the Feb 10 high.
  • This signals scope for 1.0233 next, a Fibonacci projection.
  • On the upside, initial firm resistance is seen at 1.0522, the 20-day EMA.

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