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EUR/USD Outlook

The euro has found some support over the last few trading days, but is still within a channel indicating a lower level. The softening of the US dollar from its recent rise may explain part of the move.As the EUR / USD broke the 200-day period, the downward trend remains the predominant direction. The bearish “Death Cross” was created when the 50-day glider crossed the 200-day line, emphasizing the downward momentum. Continuation of the trend can see a test for the lowest level reported in November 2020 at 1.1600, which is also Necline of the bear formation Head and Sholders. The formation can be a powerful signal to move if the euro manages to break through and close below the…

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 Junior Trader Nikolay Petrov

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