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  • The EUR/USD is on pace to continue Monday’s declines as the Euro softens on a rebounding Greenback.
  • Higher timeframes have the pair rejecting from recent swing points, etching in a downside channel on H4 candles while Daily candlesticks see a constraining bearish flag forming.
  • It’s Markit PMI day in Europe, and Euro bulls will be looking for a better-than-expected showing in Germany and for the broader EU to kickstart a recovery.

EUR/USD Chart, 15-Minute

Spot rate:   1.1680
Relative change:   -0.06%
High:   1.1701
Low:   1.1674
Trend:   Bearish
Support 1:   1.1641 (61.8% Fibo retracement level)
Support 2:   1.1574 (previous week low)
Support 3:   1.1507 (June 26th low)
Resistance 1:   1.1701 (current day high)
Resistance 2:   1.1750 (current week high)
Resistance 3:   1.1803 (R3 daily pivot)