EUR/USD – Daily studies have had time to unwind from oversold levels following the latest drop, and there is plenty of room for studies to track lower which is supportive of the prospects for continued weakness. In the interim, key short-term resistance comes in by 1.3535, with a break to potentially open 1.3815 further up. However, a bearish outside day on Tuesday should be encouraging for bears and could now open acceleration back towards 1.3270.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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