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  • The Euro is taking a licking in the early European market session for Thursday, skidding into the 1.1700 technical level as European exchanges begin to come online following the US Fed’s 25 basis point hike on Wednesday.
  • The EUR/USD is now trading into a support line that acted as familiar resistance since mid-August, and marking in a new low for the week, though the pair still remains overall well-bid, keeping a healthy gap between the current action and the 200-period 4-Hour SMA currently sitting at 1.1604.

EUR/USD Chart, 1-Hour

Spot rate 1.1704
Week change -0.35%
Previous week high 1.1802
Previous week low 1.1618
Support 1 1.1654 (50-day EMA)
Support 2 1.1604 (200-period 4-hour SMA)
Support 3 1.1526 (September technical bottom)
Resistance 1 1.1750 (50-hour EMA)
Resistance 2 1.1815 (current week high)
Resistance 3 1.1944 (200-day EMA)