Euro rebounded off downtrend support last week with the rally extending 1.8% off the monthly low. The focus is on this recovery with resistance objectives eyed at the 2016 high at 1.1616 and the 61.8% retracement of the July sell-off at 1.1662- rallies would need to be limited to this threshold IF price is heading lower on this stretch. A break / close below the monthly open / 23.6% retracement of the yearly range at 1.1415/40 is needed to mark downtrend resumption with subsequent support objective seen at 1.1347 and the 2023 high at 1.1275.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.