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EURUSD Intraday Analysis

EURUSD (1.1857): The EURUSD turned bearish, but the price action continues to remain range bound within 1.2080 and 1.1822 levels of support and resistance. This sideways price action could potentially signal to a breakout in the near to medium term. On the 4-hour chart, however, there are some bearish signs with the descending triangle formation. Support is seen at 1.1843 – 1.1822 level. A breakout below this level could signal further declines that could send the common currency towards the support level at 1.1688 which is pending retest.

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