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EUR/USD is consolidating the ECB-led declines on Friday and fluctuating in a relatively tight range below 1.1000. The US Dollar Index clings to modest daily gains as US T-bond yields stay flat on the day following this week's impressive rally. Investors await UoM Consumer Sentiment Index data from the US.
EUR/USD was last seen testing 1.1000 (psychological level, Fibonacci 61.8% retracement of the latest downtrend, 50-period SMA on the four-hour chart). In case a four-hour candle closes below that level, additional losses toward 1.0940 (Fibonacci 23.6% retracement) and 1.0900 (psychological level) could be
witnessed.
On the upside, 1.1040 (Fibonacci 50% retracement) aligns as the first resistance before 1.1100 (Fibonacci 61.8% retracement of the latest downtrend, psychological level) and 1.1120 (post-ECB high).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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