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EUR/USD takes a step closer to breaking below 1.14
Yesterday we again highlighted the downside potential for the EUR/USD following the hawkish Fed hold the night before and that saw the Euro come close to breaking below a noted support level, at 1.1448. Well, in the event that level held firm and the EUR/USD closed in the US last night at 1.1458.
However, following an early Asian top at 1.1468 it fell back today and that saw it take out 1.1448 and extend as low as 1.1418 so far. We remind readers that a break below 1.14 could open some serious downside, perhaps towards a former major level towards 1.1214. That is not a recommendation though, but an observation based purely on the chart dynamics.
Besides it has to break below that 1.14 handle first anyway and it has not done that yet. Since the earlier low it has bounced somewhat, but is has not yet recovered back above 1.1448. The EUR/USD is right now at 1.1437
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