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  • Spot remains under pressure so far this week and continues to give away gains recorded during the second half of last week.
  • In the meantime, the 55-day SMA near 1.1230 emerges as the initial resistance ahead of monthly tops in the 1.1265/70 band.
  • The broader scenario, however, remains bearish while below the multi-month resistance line at 1.1269.

EUR/USD daily chart