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EUR/USD: Consolidates Close to the Key Low at 1.2408

EUR/USD continues to consolidate just near the key low at 1.2408. We still expect this region to yield a degree of supply and view it as a reasonable entry point for longer-term shorts.

However a sustained move above 1.2443 will neutralise our current bearish bias in the nearterm time frame.

Longer-term structure present since 1.3486 continues to suggest a substantial extension lower in the coming months.

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