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EURUSD recently reversed down from the resistance area lying between the key resistance level 1.11700 (which has been reversing the price from August), upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp downward impulse from June. Given the strength of the active daily downtrend and the rising bearish Euro sentiment seen across the markets today – EURUSD is likely to fall further toward the next support level 1.10770 (former resistance from November).
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