EURUSD is trading near the resistance zone of the downward sloping trend line suggesting overhead resistance and limited upside potential. The pair is trading above the 20-day SMA and has taken support four times at the 20-day SMA to bounce back, the risk of EURUSD breaking this support has increased. It is likely that EURUSD could decline towards 1.2170 and 1.2130 while it sustains below 1.2265.
Technical Analysis Team
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