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After a second consecutive gap higher last week, the EURUSD slipped back below a trend line that extends from the February 2nd high.
At the moment that close back below the 1.0960 area stands as a false break following the May 7th run-off election in France.
Not only did the single currency give back the 1.0950/60 area, but it also retested 1.0860 last week.
This area previously offered several days of support between April 24th and the 28th.
Friday’s weaker than expected data out of the U.S. that included CPI and retail sales triggered more dollar weakness.
The timing couldn’t have been better for Euro bulls who were facing a fourth test of 1.0860.
Source: Daily Price Action
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