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  • The pair dropped to the 1.1270 area on Friday, where it seems to have found some decent support for the time being.
  • Last week, EUR/USD failed around the key 5-month resistance line and further decline remains a chance while below this relevant area, today at 1.1407.
  • On the upside, spot needs to clear the area of recent tops beyond 1.1400 the figure to mitigate downside pressure and allow for a potential move to the 1.1500 neighbourhood and beyond.

EUR/USD daily chart