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  • Spot came under pressure after failing to extend the rally beyond the 1.1260 handle on Wednesday.
  • A surpass of these weekly highs should shift bulls’ attention to the 55-day SMA at 1.1275 ahead of April tops in the 1.1320/30 band.
  • Looking at the broader picture, the negative bias should remain unchanged below the multi-month resistance line, today at 1.1322. That said, another test of YTD lows in the 1.1100 neighbourhood remains well on the cards.

EUR/USD daily chart