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The euro posted an impressive rally as price finally hit the 1.1900 level of technical resistance on Monday.

However, markets rejected the common currency at this level, pushing it lower.

Still, we could expect to see some consolidation taking place here.

Any downside movements will see the trend line slowing the declines. And below the trend line, the 1.1800 level will likely come in as support.

Only a close below the 1.1800 handle will shift the bias lower.

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