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Technical Update - EURUSD how low can it go? GBPUSD could turn bearish. EURGBP broken key support, looking lower
EURUSD turned around Friday, failing to build on the uptrend it had established. The uptrend was fragile, however, and sellers took control Friday and have kept it this Monday morning, pushing the cross below the lower rising trendline and below 1.08. Currently, having taken back 50% of the bullish move since mid-April, EURUSD could drop further to the 0.618 retracement and support at around 1.0725. However, EURUSD is below all daily moving averages, indicating the tide has turned and is now bearish. RSI is still holding above the 40 threshold, but a close below will confirm a bearish trend that can take EURUSD down ... (full story)