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EURUSD: While outlook for EUR remains to the downside on further decline, it faces the risk of a recovery of its one-week weakness. If this is triggered, expect further upside towards the 1.3700 level where a break will aim at the 1.3774 level.

A break will set the stage for a run at the 1.3839 level. Further out, resistance resides at the 1.3905 level and 1.3900 level. On the other hand, support lies at the 1.3676 level followed by the 1.3600 level. Further down, support stands at the 1.3550 level where a violation will target the 1.3500 level.

All in all, EUR remains biased to the downside in the medium term but faces recovery higher.

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Guest post by FX Tech Strategy