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EUR/USD downside remains in focus this week

On Friday the further gains in the US dollar sent the EUR/USD down to a new 2024 low at 1.0623. The Euro later closed out the week in the US at 1.0643. So, far today any further upside has been capped at 1.0665. It was noted here last week, that there was not much in the way of identifiable technical support this side of the 1.05 handle and that has not changed at the start of this week. So, despite edging a little higher so far today, the Euro remains capped well south of all its major daily moving averages. Those are all still in place above 1.08 this morning. The risks of further downside in the EUR/USD remain in place and it seems likely at this stage; that any decent rebound might be leant into by wholesale market operators, until or unless something material changes. The EUR/USD is currently trading at 1.0657 

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