LeoPrime Daily Market Analysis

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EURUSD reversed from 1.11700 resistance area; Likely to fall to 1.11000

EURUSD today reversed down from the resistance area lying between the strong resistance level 1.1170 (which has been steadily reversing the price from the end of August) and the 50% Fibonacci correction of the previous sharp downward impulse wave from the end of June. Given the moderate bullish sentiment affecting the US dollar – EURUSD is likely to remain under the bearish pressure today and to fall further toward the support resistance level 1.1100 (former top of wave 4 from September).

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