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  • Hourly indicators are leaning overbought, short traders are primed for an entry if market sentiment continues to head south after the weekend’s trade war developments.
  • German IFO survey results could edge out the short side if results are positive.
  • The Euro’s double-bottom on larger timeframes is beginning to firm up.

EUR/USD Chart, 1-Hour

Spot rate: 1.1653
Relative change:   -0.06%
High:   1.1672
Low:   1.1646
   
Trend:   Bullish
   
Support 1:   1.1630 (50-hour EMA)
Support 2:   1.1571 (61.8% 1-week Fibo level)
Support 3:   1.1508 (one week low)
   
Resistance 1:   1.1675 (previous week high)
Resistance 2:   1.1720 (R2 daily pivot)
Resistance 3:   1.1851 (one month high)