Technically the Euro appears to be preparing a bounce forward that might last between few weeks to few months. The decline of this week did not produce any follow-through. Various levels of support have held and the market could try to climb again and complete the large head and shoulder formation that started in April. The selling climax of Tuesday, July 12/11, could inspire a rebound to 1.43, 1.45, 1.50. In addition, seasonal components support the European currency during the second part of the year. November and December could then be two pivotal points. A move below 1.38 would instead take the price to 1.36, 1.34.
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