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EUR/USD: Strong Resistance at 1.3004 Breached

EUR/USD has burst higher yesterday. The strong resistance at 1.3004 (which is also a psychological level) is failing, thus far, to cap Euro appreciation. The next strong horizontal resistance is at 1.3284. Hourly support is at 1.2977.

The lack of base formation or sell-off suggests that the current strength in EUR is a rebound within an underlying downtrend. Given the current overbought conditions, we are waiting for signs of weakness to initiate a short EUR position.

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