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EURUSD’s decline has begun to slow on approach to what is seen as a more important support zone at 1.0952/13 – the June/July lows and the 61.8% retracement of the December 2015/May 2016 rise. We would expect a renewed effort to base here and to see an initial bounce back from it.

However, should it be directly removed, this would signal a more sustained phase of weakness to measured range objectives at 1.0876, then 1.0826/22, and eventually back to the lower end of the medium-term range at 1.0605/00.

Resistance moves to 1.1028 initially, then 1.1058/68. Above here is required to a back up to former trendline support, now turned, resistance and the low end of the former range at 1.1104/23, which we ideally look to cap.

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