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28.01.2021 12:40 PM
EUR/USD On Declining Path!

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EUR/USD is traded lower at 1.2104 after failing to approach and reach the 1.2200 psychological level. The price is traded under the red downtrend line signaling a potential further decline.

The pair has increased a little in the short term registering a lower high. It has also retested the downtrend line before dropping deeper indicating strong sellers in the short term. So, the bearish bias remains intact as long as EUR/USD is traded under the downtrend line.

Trading Conclusion!

EUR/USD is into a corrective phase after breaking down through the black uptrend line. It could approach and reach 1.2000 if it continues to stay under the red downtrend line.

Ralph Shedler,
Analytical expert of InstaForex
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