EUR/USD Weekly Outlook

[Forex-Outlook]

EUR/USD edged lower to 1.2143 last week but formed a short term bottom there and recovered. Further rise would probably be seen initially this week as correction continues to 38.2% retracement of 1.3691 to 1.2143 at 1.2734 and above. Nevertheless, upside should be limited below 1.3093 cluster resistance (61.8% retracement at 1.3100) and bring fall resumption. On the downside, below 1.2295 minor support will flip intraday bias back to the downside. Further break of 1.2143 will target 1.20 psychological level next.

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