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    EUR/USD: mini-down-trend stalling

       
    The EUR/USD pair was in a mini-down-trend after breaking below the lower channel-line of its ascending channel, however, news this morning has stalled progress lower and generated a bounce.

    Nevertheless the corrective bounce is still in its infancy and will probably petter out soon allowing the mini-down-trend to resume.

    The next target lower is at 1.1050 followed by 1.1035 where the Monthly Pivot is situated and expected to provide strong support.

    Further support from the 50-day MA at 1.0935 and the fact 1.1000 is a significant psychological support level limits space to the downside.

    EURUSD21

       
    The EUR/USD pair was in a mini-down-trend after breaking below the lower channel-line of its ascending channel, however, news this morning has stalled progress lower and generated a bounce.

    Nevertheless the corrective bounce is still in its infancy and will probably petter out soon allowing the mini-down-trend to resume.

    The next target lower is at 1.1050 followed by 1.1035 where the Monthly Pivot is situated and expected to provide strong support.

    Further support from the 50-day MA at 1.0935 and the fact 1.1000 is a significant psychological support level limits space to the downside.

    EURUSD21


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