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EURUSD: Bearish Reversal Intact Despite USD Weakness
EURUSD bulls are once again challenging the October 26 close below 1.1670. They did so between November 2 and 3, but sellers rejected the advance, leaving the single currency below the key handle on a daily closing basis. Thursday’s plunge in the dollar index (DXY) has sellers working overtime to defend 1.1670. We’ve discussed this level at length over the past few weeks. The recent bullish spark is challenging what appears to be a head and shoulders that developed between August and October. The close below 1.1670 on October 26 confirmed the pattern, but so far bears haven’t been able to do much with it. ... (full story)