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The euro currency posted strong gains for the second consecutive day. The gains were largely driven by a softer greenback.

Price action is attempting to test the key price level of 1.1400. However, unless there is a strong breakout above this level, the gains might be limited for now.

A pullback scenario is likely building up. However, we could see some form of consolidation taking place before this.

Therefore, watch how the common currency reacts to the 1.1400 price level to determine the near term direction in the currency pair.

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