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  • The Euro is returning to the mean in higher timeframes as the EUR/USD continues to trade in a rough sideways channel.
  • A slew of Markit PMIs for Europe today could see a kick in volatility, though the meaningful readings will be the PMIs for Germany and the general Eurozone.
  • Traders will be looking for a bullish turnaround from last week’s lows near 1.1620.

EUR/USD Chart, 15-Minute

Spot rate:   1.1678
Relative change:   -0.10%
High:   1.1692
Low:   1.1675
Trend:   Flat to bearish
Support 1:   1.1667 (61.8% Fibo retracement level)
Support 2:   1.1649 (current week low)
Support 3:   1.1619 (previous week low)
Resistance 1:   1.1718 (Monday high)
Resistance 2:   1.1745 (current week high)
Resistance 3:   1.1794 (R3 daily pivot)