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The analysts at Citigroup offer their technical outlook on EUR/USD, highlighting that defending the 1.1763 support is critical.

Key quotes

“EURUSD peaked the week of 4 Sept 2017 at 1.2092 

Entered into a deep correction that took it back to 1.1554 over 9 weeks. 

For the deepest correction since the rally began in earnest in April that year

Thereafter it rallied higher to the 1.2555 Feb 2018 peak. 

Then, as now, weekly momentum was very overbought and started to turn lower. 

Good support comes in between 1.1754 and 1.1782 and if that gives way then a deeper move towards 1.15 again would look an increased danger. 

A weekly close below 1.1763, if seen, would be a bearish outside week at the trend high and suggest more losses to come.”

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