The Euro is already approaching fourth of a lessor degree at the 38.2 percent retracement of 1.4150. This short term oversold condition suggests 1.4080 to 1.4150 support will hold for an initial 1.4485 pullback back with the potential for a full 1.4635 target before the downtrend resumes in earnest. Only a direct loss of the 1.4020 level would sustain and in fact accelerate the downtrend. (Ref: 5738)
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