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The euro currency continues its descent after the brief retest to 1.1261 failed.

This has resulted in resistance forming at this level and has since pushed prices lower.

The euro currency is down about 0.47% lower intraday. The current declines could see the euro currency pushing lower to the 1.1132 level. This will form initial support.

We expect a potential rebound off this level, keeping EURUSD in range within 1.1261 and 1.1132. But a close below this level could signal a correction down to 1.1000.

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