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Likely drop to 1.1700 … and lower

  • EUR / USD is moving to the 1.1730 / 40 band once again.
  • Key support is at recent lows around 1.1700.

EUR / USD remains in the three-day range unchanged above 1.1700 on Wednesday.

Despite the current rebound, the very short-term outlook for the pair remains fragile. If the upside takes on extra steam, then there are tentative hurdles at the 10-day simple moving average at 1.1772 followed by the 1.1790 region, where the 55 and 20-day averages lie along with a Fibonacci level (from the June dip to August).

A drop below the September low of 1.1700 should expose the 2021 low of 1.1663 recorded on August 20.

Meanwhile, the short-term outlook for EUR / USD looks on the downside, as it is below the 200-day SMA, today at 1.1982.

EUR / USD day chart

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