The EUR/USD continues to display lower highs and lower lows, closing each session below the PP pivot. We saw marginal weakness following yesterday’s US session open but the bottom line continues to be bearish. A retest of 130.00 still looks like the path of least resistance although in this low volume environment anything can happen and, keeping Murphy’s law in mind, any surprises will probably punish as many traders as possible. For the current session the EUR is once again locked firmly below the PP pivot in a tight down slope consolidation bounded by the LR14 channel.
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