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EUR/USD Intraday: the downside prevails. Pivot: 1.1705 Our preference: short positions below 1.1705 with targets at 1.1650 & 1.1620 in extension. Alternative scenario: above 1.1705 look for further upside with 1.1735 & 1.1760 as targets. Comment: the RSI calls for a new downleg.

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I was slightly surprised that the upbeat PMI data failed to derail EUR/USD from its downward course...looks like the USD is very strong!

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