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    EUR/USD: pair reaching heavy support but trend still bearish

     Downside is capped by a cluster of support at 1.0875 where the S2 monthly pivot and a trend-line conjoin. The recent a-b-c move down from the June 10 also looks almost finished. Therefore several signs point to a probable rotation higher in the 1.0870s.

    Nevertheless, the overall trend is lower and today is the ECB policy meeting with much volatility expected, so there is also a possibility of further downside, and a break clearly below the aforementioned cluster of support, so below 1.0839 would probably eventually result in a move lower to support at 1.0700.

    EURUSD16final

       
    Downside is capped by a cluster of support at 1.0875 where the S2 monthly pivot and a trend-line conjoin. The recent a-b-c move down from the June 10 also looks almost finished. Therefore several signs point to a probable rotation higher in the 1.0870s.

    Nevertheless, the overall trend is lower and today is the ECB policy meeting with much volatility expected, so there is also a possibility of further downside, and a break clearly below the aforementioned cluster of support, so below 1.0839 would probably eventually result in a move lower to support at 1.0700.

    EURUSD16final


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