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EUR/USD downside breakout after Fed rate hike

EUR/USD finally breaks out to the downside after Fed hikes 75bps and projects interest rate to hit 4.4% by year end. For the near term, EUR/USD’s next target is 100% projection of 1.0368 to 0.9863 from 1.0197 at 0.9692, and then 161.8% projection at 0.9380.

For the medium term, next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694.

In any case, break of 1.0049 minor resistance is needed to indicate short term bottoming. Or, outlook will stay bearish even in case of recovery.

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