The is in a slight descending channel with resistance near the 1.1900 level. Eventually we do think the EUR/USD will trade above the 1.2000 level again, but it is unclear if we can break the resistance at 1.1900 near term. Support is at the 50dma near the 1.1760 support and only a break of this level will put the 1.1600 level back in view again.
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