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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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