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EURUSD Intraday Analysis

EURUSD (1.1753): The euro posted declines yesterday as the currency pair remains trading above the 1.1700 level of support. In the short term, we could expect to see a brief retest of this support level. On the 4-hour chart, price action posted a lower low but was seen finding support off the outer median line. A short term correction towards 1.1822 – 1.1843 is quite likely where resistance could be formed. The EURUSD could be seen maintaining the range within the resistance level mentioned and the support region near 1.1710 – 1.1700 level. A breakout below this support could potentially push EURUSD lower. This could see price action testing the November lows near 1.1552 support.

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