The most traded pair remained consolidated during the Asian hours and traded around the opening levels earlier this week. The start of the interbank market has created a momentum in the downward direction, yet it is still early to position ourselves.
The levels that will be closely watched by traders will be 1,16088 and 1,15762. Breakout above the short-term resistance may trigger an upward impulse in the pair, given that the long-term downtrend, the impulse is likely to be insufficient and limited. A breakout below 1.15762 will send EURUSD into bear territory and we may see a new lower bottom on daily chart.
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