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EURUSD: Although EUR closed higher the past week, it faces downside pressure after losing a quarter of its last week gains (see daily chart). This development leaves it vulnerable to the downside.

Resistance is seen at the 1.1150 level with a cut through here opening the door for more upside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level.

Conversely, support lies at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will aim at the 1.0950 level with a turn below that level targeting the 1.0900 level. All in all, EUR faces downside threats in the medium term.

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In this week’s podcast, we explain why EUR rallied on Draghi, what’s next, discuss oil and gas, run through the Plus500 story and preview next week’s events.

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