EUR/USD: While our overall bias remains extremely bearish on the pair over the medium-term, daily and weekly studies are in the process of undergoing a very much needed and healthy corrective bounce/consolidation. However, a lower top could now be in place by 1.3100 ahead of the next fresh downside extension below 1.2530. In the interim, we remain sidelined.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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