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The euro currency is giving back the gains from the past two days.
Price action is down over 0.5% intraday amid broad dollar strength. As a result, the euro lost the 1.1800 price level and is now pushing down toward the 1.1715 support level.
We could expect the declines to stall at this support level, pushing prices into a sideways range. But in the unlikely event that the EURUSD loses this support, then we expect a move lower.
This makes the 1.1600 level of support the next likely target.
To the upside, the 1.1800 level now becomes resistance, and a strong break above this level is needed to confirm further upside.
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